Eversheds Sutherland Tax Reform Law Blog
content top

Tax Reform for Christmas

Despite controversy surrounding the border adjustment tax proposal, House Speaker Paul Ryan hopes that Congress will present a tax reform bill to the president by the December 23rd recess. Treasury Secretary Steven Mnuchin shared the same goal earlier this week, stating that the objective is to accomplish tax reform by year’s end. Paul Ryan Wants to put Reform on Trump’s...

Brady Suggests Reports of Border Adjustment Tax’s Death Are Greatly Exaggerated

House Ways and Means Chairman Kevin Brady, acknowledging the dissension surrounding the border adjustment tax, remains stalwart that it is a “critical” component of the House GOP’s tax reform agenda. Chairman Brady reports working with the White House and the Senate to resolve opposition to the plan, projected to raise nearly a trillion dollars in revenue to offset a...

Border Adjustment Tax Faces Looming Demise

House Speaker Paul Ryan, on Wednesday, acknowledged that tax reform legislation could exclude a border tax provision.  The controversial tax has faced criticism from several fronts, including some of Ryan’s fellow House Republicans, as well as the Senate and the White House.  Treasury Secretary Steven Mnuchin has confirmed that President Trump is not in favor of backing a border...

Ways and Means Committee Hears Testimony on Border Adjustment Tax

On Tuesday, May 23rd, the House Ways and Means Committee, led by Chairman Kevin Brady, held its second hearing on tax reform, entitled “Increasing U.S. Competitiveness and Preventing American Jobs from Moving Overseas.”  The hearing concentrated on the practicality and effects of the proposed border adjustment tax on the economy.  Chairman Brady was critical of the ‘Made in America’...

Joint Committee on Taxation Releases Report on Destination-Based Taxes and Border Adjustment.

In anticipation of the House Ways and Means Committee hearing on the border adjustment tax included in the House Republicans’ Blueprint, the Joint Committee on Taxation has released a report on destination-based taxes and border adjustment. The report discusses the rationale behind destination-based taxes and describes various proposals for destination-based taxes leading up to the...

Koch Brothers to Push for Focus on Tax Reform

Billionaire Industrialists Charles and David Koch, via their Americans for Prosperity and Freedom Partners groups, will invest millions in the coming months to drive the conservative tax reform agenda amidst the Trump Administration’s distractions.  The Koch network has released a set of guidelines for change, mainly consistent with the White House proposal, condemning the contemplated...

House Ways and Means Committee Holds First Hearing on Tax Reform.

Led by Chairman Brady, the House Ways and Means Committee held its first hearing on tax reform Thursday. The hearing and witnesses focused mainly on provisions advanced by House Republicans in their Blueprint, including immediate expensing and the impact of a lower corporate tax rate on investment and manufacturing. The witnesses testifying before the Committee included: John J....

Differing Opinions Over Economic Growth

A study, commissioned by Koch Industries and conducted by Quantria Strategies, concludes that a corporate tax rate cut is more effective than full expensing to achieve economic growth.  A recent report issued by the Joint Committee on Taxation (JCX-19-17), however, offers a contrary view, suggesting that slowing cost recovery methods could reduce investment despite a corporate tax rate...

Despite a Bleak Outlook, Tax Reform Hearing on Border Adjustment Tax Announced

The House Committee on Ways and Means will hold a hearing on May 23 at 10:00 a.m., entitled “Increasing U.S. Competitiveness and Preventing American Jobs from Moving Overseas,” focusing on the impact of a border adjustment tax and other policies on job, investment and economic growth in the United States. While Senate Majority Leader Mitch McConnell does not foresee legislation...

Congressional Republicans Undecided on Border Adjustment Tax

Despite support from Ways and Means Committee Chairman Kevin Brady, Paul Ryan’s proposed border adjustment tax appears to lack support among rank and file House Republicans, raising serious questions as to the likelihood of passage.  Even if the bill manages to garner the necessary votes to pass the House, Sen. Lindsey Graham has said that the legislation...

Senator Mitch McConnell Believes Tax Reform Should Be Revenue Neutral

Senator Majority Leader Mitch McConnell stated in an interview that tax reform must be revenue neutral given the current national debt of $21 trillion and due to the lack of support from Democrats which will require Republicans to use budget rules that allow pushing through permanent tax changes with only 50 votes. Read more: McConnell Wants Revenue-Neutral Tax Plan, at Odds With...

Tax Reform by End of Year Still a Goal

House Speaker Paul Ryan cautioned against creating an artificial deadline but still described overhauling the tax code by the end of 2017 as a goal, with the House, Senate, and White House all working together on comprehensive tax reform. Despite previous hesitancy regarding the border adjustment from the Trump Administration, Ryan defended the House Republicans’ proposed border...

Mnuchin Talks Tax Reform at G7 Meeting

U.S. Treasury Secretary Steven Mnuchin discussed tax reform at the G7 meeting in Italy. Mnuchin told reporters that G7 finance ministers are open to, and understand, President Trump’s new trade policies, however the G7 ministers expressed concern that the trend towards less redistributive tax and transfer systems globally may lead to more inequality. Mnuchin responded to concerns that...

Brady and Roskam Announce Hearing on Tax Reform

Ways and Means Chairman Kevin Brady and Tax Policy Subcommittee Chairman Peter Roskam have announced that the first hearing on tax reform, focusing on policies to benefit economic growth and job creation, will be held on Thursday, May 18 at 10 a.m. Chairman Brady indicated that tax reform legislation could be introduced in June. Hearing on How Tax Reform Will Grow Our Economy and...

Trumponomics and Tax Reform

President Donald Trump offered several insights into his tax reform agenda during a recent interview, including his support of increasing the national debt in order to stimulate the economy and imposing a repatriation tax at a 10% rate. President Trump also voiced his appreciation of a value-added tax, admitting, however, that the U.S. is unlikely to ever adopt such a system....

« Older Entries