GOP Releases Tax Reform Framework
Posted on Sep 27, 2017 in News
The White House and Congressional Republicans have released the Unified Framework for Fixing Our Broken Tax Code. The goals for the Framework, which is described as a template for the tax-writing committees, include providing tax relief for the middle class; simplifying the tax filing process; providing tax relief for businesses (with an emphasis on small businesses); ending incentives...
Tax Reform Blueprint Expected to Include 25% Tax Rate for Pass-Through Entities
Posted on Sep 26, 2017 in News, Pass-through Taxation
The GOP tax reform framework is expected to include a new 25% tax rate for “pass-through” businesses, so named because profits and losses transfer directly to the entity’s owners. Income earned through pass-through businesses is currently taxed at individual income rates as high as 39.6%. President Trump is scheduled to announce his tax reform plan, which will also...
Aspects for GOP’s Tax Overhaul Plan Leak
Posted on Sep 25, 2017 in News
The Republican tax reform blueprint, due to be released this week, will propose a corporate tax rate of 20 percent, according to three insiders with knowledge of the plan, speaking on the condition of anonymity. In addition, the plan will call for full-expensing, allowing companies to immediately and fully deduct capital expenses. However, the full expensing benefit will be...
The GOP Readies Tax Reform Pitch
Posted on Sep 22, 2017 in News
President Trump, learning from the administration’s failure to engage conservative groups during its attempt to repeal Obamacare, will host leaders from several conservative grass roots organizations on Monday, September 25, to rally political allies around his tax reform plan. On Wednesday, the House Republican Conference will conduct a half-day retreat focused on effectively...
Senators Corker and Toomey Reach Tentative Budget Resolution Deal
Posted on Sep 20, 2017 in News
Bob Corker and Pat Toomey, GOP members of the Senate Budget Committee, have reached a tentative agreement on a budget resolution that would allow for tax cuts that would significantly increase the deficit as determined using static scoring. While the Senators did not specify the size of the potential deficit increase, Senator Ron Johnson indicated that he would support an amount of at...
Hatch Touts Corporate Integration at Tax Reform Hearing
Posted on Sep 20, 2017 in News
Senate Finance Committee Chairman Orrin Hatch, during his opening statement at the committee’s Hearing on Business Tax Reform on September 19, stated that he continues to support his corporate integration proposal, which would allow U.S. businesses to deduct shareholder dividend payments from their taxable income in order to resolve the perceived double taxation, at the corporate and...
Mnuchin Discusses Tax Reform
Posted on Sep 15, 2017 in News
Treasury Secretary Steven Mnuchin, during an interview on the Fox News Channel’s “Special Report,” indicated that tax reform would be revenue neutral under the Administration’s growth assumptions. In discussing specifics of the yet-to-be released tax reform plan, he stated that the estate tax would be eliminated, that there would be a one-time deemed...
Congressional Republicans Frustrated by Lack of Tax Reform Detail
Posted on Sep 14, 2017 in News
With the vote for tax reform legislation looming, Congressional members of the GOP, including Freedom Caucus Chairman Mark Meadows, have expressed concern over the lack of clarity as to what the tax reform proposal is. Speaking anonymously, a member of the House Ways and Means Committee suggested that the lack of detail was either to prevent media leaks or because there is simply not...
Tax Reform Outline to be Released Week of September 25
Posted on Sep 13, 2017 in News
House Ways and Means Committee Chairman Kevin Brady announced that a tax reform framework that identifies the “consensus” core elements of tax reform will be released the week of September 25 when Congress returns from their break. Brady also confirmed that the objective is still to enact tax reform legislation this year and that the intention is to do so through budget reconciliation....
Tax Reform Plan Not to Be Released Until After Senate Hearings
Posted on Sep 12, 2017 in News
Senate Finance Committee Chairman Orrin Hatch, a member of the “Big Six” group of tax reform policymakers, stated that the Trump tax reform plan will not be released until after the Senate holds tax reform hearings, one of which is slated for this Thursday, September 14. As a result, the unveiling of the tax reform blueprint will likely not occur until the end of September, at the...
Business Tax Reform Hearing Announced by Senate Finance Committee
Posted on Sep 12, 2017 in News
Senator Hatch, the Chairman of the Senate Finance Committee, announced a hearing on business tax reform to take place on Tuesday, September 19, 2017. Four executives from industry groups and think tanks will testify on policy options for reforming the taxation of U.S. businesses. The witnesses include: Scott A. Hodge, President, Tax Foundation; Donald B. Marron, Institute Fellow, Urban...
Ryan Anticipates Release of Tax Reform Plan by Autumn
Posted on Sep 11, 2017 in News
House Speaker Paul Ryan stated that Congressional tax writers are close to unveiling their template for tax reform and that he anticipates its release this fall, followed by the passage of legislation before the end of the year. Speaker Ryan also confirmed that the goal is to lower the corporate tax rate to the industrialized average of 22.5%, noting that President Trump’s goal of a...
President Trump Advocates for Tax Reform
Posted on Sep 5, 2017 in News
In a speech intended to rally support for tax reform, President Trump outlined his commitment to simplifying the tax code, lowering corporate and individual rates and instituting a repatriation tax. The president reiterated that the corporate rate would “ideally” be lowered to 15 percent and referenced lowering taxes to help the middle class “afford childcare and the cost of raising a...