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Aspects for GOP’s Tax Overhaul Plan Leak

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

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

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

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

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

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

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

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

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

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

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...

Heller Foresees Tax Reform Passage in December

Senator Dean Heller, a Republican member of the Senate Finance Committee, stated that the best case scenario for tax reform is legislation passing in late December of this year.  He predicted that the tax reform bill will lower rates, apply retroactively, and will attempt to decrease some regulations.  Senator Heller anticipates a half dozen tax reform hearings from his committee prior...

The ‘Big 6’ Are Making Progress on Tax Reform Framework

The White House and Congressional Republicans have reached broad agreement on several potential offsets to fund tax cuts, according to sources familiar with the negotiations.  Present options include capping the mortgage interest deduction, eliminating the state and local tax deduction, and eliminating the interest deduction for businesses.  Additionally, there is consensus among the...

Ryan to Promote Tax Reform in the Pacific Northwest

After events in Ohio, Washington, DC and Massachusetts, Speaker of the House Paul Ryan will promote tax reform in the Pacific Northwest this week.  He will address the benefits of reform, including lower taxes, less hassle, and a level playing field for all taxpayers, according to a spokesman for the Speaker, with the goal of getting Republicans back on track after President Trump’s...

President Needs to Focus on Tax Reform after Bannon Departure

Sara Fagen, the White House political director under George W. Bush, stated that President Trump needs to focus his administration on producing a tax reform package in the wake of Steve Bannon’s departure.  According to Fagen, who sees the Bannon exit as a positive, the President needs an accomplishment on his record, particularly in light of his response to the racially charged events...

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