FedEx Delivers Alternative Tax Reform Plan
Posted on Jun 28, 2017 in News
Under the guidance of chief executive officer Fred smith, FedEx Corp. has drafted an alternative tax reform plan in response to the quagmire on Capitol Hill. The FedEx plan mirrors the House Blueprint in many ways, but explicitly omits a border adjustment tax (“BAT”) provision. Instead, several revenue raisers are offered in lieu of the BAT, including a gasoline tax increase, a 10%...
Hatch States Trump Conceding 15 Percent Corporate Tax Rate
Posted on Jun 28, 2017 in News
Senator Orrin Hatch, Chairman of the Senate Finance Committee, stated that President Trump is likely retreating from his proposed goal of a 15 percent corporate tax rate. Sen. Hatch, along with other congressional leaders, has participated in several recent meetings with White House officials in an attempt to reach a consensus on a tax reform bill. He suggested a corporate tax rate...
Brady Announces Two Tax-Reform Hearings for July
Posted on Jun 27, 2017 in News
House Ways and Means Committee Chairman Kevin Brady has announced that the committee will hold two tax reform hearings in July. The first hearing will focus on the benefits of tax reform for small businesses, while the second will concentrate on the benefits for families and individuals. No decision has been made as to whether the hearings will occur before the full committee or only...
A Step toward Bipartisan Tax Reform
Posted on Jun 23, 2017 in News
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’
Posted on Jun 22, 2017 in News
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...
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...
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...
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...
Key Open Topics for Tax Reform
Posted on May 30, 2017 in News
Chairman of the House Ways and Means Committee Kevin Brady and Speaker Paul Ryan concur that the White House and Republican members of Congress are eighty percent in agreement on tax reform legislation. Issues constituting the remaining twenty percent include: 1) the permanence of tax reform, 2) individual and corporate tax rates, 3) the border adjustment tax, 4) full expensing or...
Border Adjustment Tax Faces Looming Demise
Posted on May 25, 2017 in News
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
Posted on May 24, 2017 in News
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’...
Koch Brothers to Push for Focus on Tax Reform
Posted on May 19, 2017 in News
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...
Differing Opinions Over Economic Growth
Posted on May 18, 2017 in News
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...
Comey’s Dismissal May Impede Reform
Posted on May 11, 2017 in News
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...
Mnuchin Predicts Three Percent Economic Growth
Posted on May 2, 2017 in News
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:...