Rep. Brady Proposes 5-Year Phase-in for Border Adjustment Tax
Posted on Jun 13, 2017 in Uncategorized
Chairman of the House Ways & Means Committee, Rep. Kevin Brady, proposed a five-year transition to switch to a border-adjusted regime. Companies would be able to deduct most of their imported costs initially with a slow phase out of the deductions. The phase-in would be applied equally to the treatment of exports, which would gradually become fully exempt. Read more here: Brady...
House Republicans Remain Divided Over Border Adjustment Tax
Posted on Jun 12, 2017 in News
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...
Heritage Foundation Supports the House Blueprint Without a Border Adjustment Tax
Posted on Jun 9, 2017 in News
The conservative Heritage Foundation contends that the House tax reform Blueprint plan will successfully promote job creation and economic growth through lower corporate tax rates; immediate capital expensing; and the removal of special credits, deductions, and exemptions, without need for the controversial Border Adjustment Tax (“BAT”). The Heritage Foundation predicts the BAT would...
PIMCO’s Chief Investor Skeptical Tax Reform Agenda will be met
Posted on Jun 9, 2017 in News
Pacific Investment Management Company, LLC ‘s global chief investment officer, Dan Ivascyn, doubts President Trump’s tax and regulatory reform will ultimately achieve his ambitious goals. Ivascyn predicts tax reform will feature cuts rather than broad-based policy changes, due in part to the White House’s and Congress’ focus on revenue. Additionally, his forecasted...
Senator Hatch States that White House, Senate and House Republicans are in Agreement on 80% of Tax Reform Proposals
Posted on Jun 8, 2017 in News
Senate Finance Committee Chairman Orrin Hatch spoke at Bloomberg Global Transfer Pricing Conference on June 7, stating that the White House, Senate and House Republicans are in agreement on roughly 80 percent of the key issues. The Senator reiterated his commitment to lowering tax rates and shifting to a territorial system but noted that the proposals were still in the planning stage...
House Freedom Caucus Calls for Summer Session to Address Tax Reform
Posted on Jun 7, 2017 in News
House Freedom Caucus Calls for Summer Session to Address Tax Reform The conservative House Freedom Caucus is urging House leaders to forgo the summer hiatus and instead remain in session to progress tax reform. The group’s stance follows on the heels of news that President Trump would seek the support of Democrats to press his tax reform agenda. Freedom Caucus calls on Congress...
Congress to Address Tax Reform in September
Posted on Jun 6, 2017 in News
Tax reform will take center stage before Congress in September, according to White House Director of Legislative Affairs Marc Short. While the Trump Administration favors revenue neutrality, its primary goal for reform is tax cuts. President Trump is meeting with Congressional GOP leaders today to discuss his tax reform agenda. White House wants healthcare vote this summer, tax...
White House Version of the Tax Bill Reportedly to Be Ready by Labor Day
Posted on Jun 5, 2017 in News
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...
DeSantis Joins Growing Ranks of Republicans Opposed to Border Adjustment Tax
Posted on Jun 5, 2017 in News
Ron DeSantis (Fla.), is the latest member of the House Republicans to come out against the border adjustment tax. DeSantis argues that it is a major impediment to tax reform, speculating that its inclusion in reform legislation would not garner the necessary support from Congress or the White House. DeSantis promotes pairing tax cuts and spending cuts to fund tax reform and argues...
Treasury Secretary Mnuchin Says Pass-through Rate Cut Not for the Wealthy
Posted on Jun 2, 2017 in News, Pass-through Taxation
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...