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White House Reconsidering Corporate Tax Rate Goal

The Trump Administration, according to White House officials and advisors, is considering a corporate tax rate of 20 percent to 25 percent.  While this estimate is higher than the 15 percent rate set forth in the Administration’s one-page tax proposal issued in April, one senior administration official explained that the April figure was a starting point for negotiations, with the...

Legislative Affairs Chief Predicts Unified Tax Plan in July

White House legislative affairs chief Marc Short has stated that the Trump Administration intends to have a unified tax reform plan in place prior to Congress’ August recess, accelerating Treasury Secretary Steven Mnuchin’s previously stated target of early September. White House spokesperson Natalie Strom confirmed the July goal, adding that the unified proposal will be used to ready...

A Step toward Bipartisan Tax Reform

Blue Dog Democrats, political centrist members of the House of Representatives, recently met with members of the White House economic team, including Treasury Secretary Steven Mnuchin, economic advisor Gary Cohn, and Director of Legislative Affairs Marc Short.  The Blue Dogs agree with certain tax reform goals of  President Trump, namely that legislation must (i) spur economic growth;...

Tax Reform is Mnuchin’s ‘No. 1 Focus’

Treasury Secretary Steven Mnuchin stated that the Trump Administration and Congress are wholly dedicated to passing tax reform this year.  He foresees tax reform encompassing lower tax rates accompanied by cuts to special interest preferences and the implementation of a territorial tax system.  Secretary Mnuchin observed that slow corporate tax receipts are a byproduct of the tax...

Support Grows for Extending the Ten Year Tax Cut Budget Period

With tax reform progress floundering amid GOP rifts and political partisanship, Republican leaders are considering changing Senate budget rules to increase the period before required sunset for tax cuts that add to the federal deficit. Current rules limit the duration of tax cuts that add to the federal deficit to ten years if they are passed under the budget reconciliation process,...

Freedom Caucus Chairman Opposes Border Adjustment Tax, Says Tax Reform must Occur by September

Mark Meadows, Chairman of the House Freedom Caucus, stated that the border adjustment tax is the main impediment to tax reform, with 70-80 Representatives opposed to the provision. Rep. Meadows indicated that legislation must be enacted by September if tax reform is to occur and meet retroactive requirements, suggesting he believes tax reform effective for 2017 is still a possibility....

Automotive Industry Leaders Opposed to Border Adjustment Tax

Representatives in the automotive industry met with Gary Cohn, the White House National Economic Council Director, yesterday to discuss the House Republicans’ proposed border adjustment tax. President of the American International Automobile Dealers Association, Cody Lusk, expressed the industry’s dissatisfaction with the plan, which they believed would drive up the cost of every...

Treasury Secretary Mnuchin Says Pass-through Rate Cut Not for the Wealthy

On May 18, Treasury Secretary Mnuchin attempted to assuage fears that the Trump tax plan will favor the wealthy. Trump’s tax reform outline proposes a 15% tax rate on business income, including income of individuals derived from pass-through entities, which is currently subject to a top marginal rate of 39.6%. While the outline includes few details, some commentators have expressed...

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...

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...

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....

Chairman of Senate Finance Committee States that Trump Administration is Against Border Adjustment Tax

The Chairman of the Senate Finance Committee, Orrin Hatch, believes after meeting with Trump administration officials, that the Trump administration is against the House Republican’s proposed border adjustment tax. Treasury Secretary Steven Mnuchin met with Republican Senate Finance Committee on May 9 to discuss tax reform. Senator Hatch also believes that the border adjustment tax...

Mnuchin Predicts Three Percent Economic Growth

Secretary of the Treasury Steven Mnuchin states that tax reform and regulatory relief will help realize an economic growth rate of three percent within two years.  Despite concerns over funding for the Whitehouse tax reform plan, Mnuchin sees several ways to offset lost revenue and is hopeful for bi-partisan support as he continues to work with congressional leadership. Read more at:...

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