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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...

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...

White House, Congress Agree on Timeline; Ryan Calls for Permanent Reform

Speaking at the National Association of Manufacturers summit, House Speaker Paul Ryan confirmed that the White House and House Republicans concentrating on crafting tax reform have agreed to a timeline for a bill to be submitted. White House Chief Economic Advisor, Gary Cohn, has stated that they aim to introduce a bill to Congress in September. The Speaker reiterated his belief in a...

House Republicans Remain Divided Over Border Adjustment Tax

With the GOP still looking for its first major legislative accomplishment under the Trump Administration, Conservative members of the House are calling for party leadership to abandon the proposed border adjustment tax in order to facilitate progress on tax cuts. Tim Phillips, president of the Koch-brothers backed “Americans for Prosperity” contends that House Ways and Means Committee...

White House Version of the Tax Bill Reportedly to Be Ready by Labor Day

Faced with growing Republican discontent over the Trump Administration’s lack of definitive tax legislation, White House economic advisor Gary Cohn projects that Congress will receive President Trump’s detailed tax proposal by the time Lawmakers return from the August recess. If delivered, the proposal would have to share attention with Congressional efforts to raise the debt limit and...

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...

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...

Pick for Treasury Tax Policy Post Announced

The White House announced that President Trump will nominate David Kautter as the assistant secretary of the Treasury for Tax Policy.  Kautter, who has previously served as counsel for former Senator John Danforth on tax legislation, will likely serve as a key player in the coming tax reform process. Read more here: Trump names pick for top tax position at...

Comey’s Dismissal May Impede Reform

The firing of FBI Director James Comey could weaken President Trump’s bargaining power with Congress and the administration’s ability to push legislation.  Possible outcomes may include tax reform delays or a reform package much more similar to the House Republicans’ Blueprint plan rather than the White House agenda.  Delay Seen, again, on Trump Growth Agenda after...

Rep. Brady Declares Border Adjustability Still a Priority After Release of Trump’s Tax Proposal

Representative Kevin Brady stated in an interview with WND/Radio America that despite the Trump administration not mentioning the border adjustment tax in its tax reform proposal released two weeks ago, border adjustability was “still a priority.” The chairman of the House Ways and Means Committee characterized the tax as necessary since American “competitors,” including China, Japan...

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:...

Trump Administration Releases Tax Plan Outline

The Trump administration released an outline of their tax reform plan today, which sets out the key initiatives they will pursue. Their proposals include lowering the corporate tax rate to 15%, repealing the 3.8% Affordable Care Act tax, implementing a territorial tax system, and introducing a transition repatriation tax on “trillions of dollars held overseas.” Read more at: Cohn,...

Trump Announces Tax Cut Details Will Be Released Next Week

President Trump announced that his tax reform plan will be released next week. He promised a “massive tax cut” to businesses and individuals that could end up larger “than any tax cut ever.” He did not provide any insight into the contents of the plan. Read more at: Trump says he will release tax reform package next...

Former Trump Advisors Urge Piecemeal Approach to Tax Reform

Former Trump campaign advisors, Steve Forbes, Larry Kudlow, Arthur B. Laffer, and Stephen Moore, urged the Trump Administration and the Republican Party to not attempt to overhaul the entire tax code in one bill. Instead, they advocated first seeking to lower business rates, allow immediate expensing, impose a repatriation tax on overseas profits, and fund infrastructure projects. They...

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