Tax Reform Plan Not to Be Released Until After Senate Hearings
Posted on Sep 12, 2017 in News
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
Posted on Sep 12, 2017 in News
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
Posted on Sep 11, 2017 in News
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
Posted on Sep 5, 2017 in News
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
Posted on Aug 25, 2017 in News
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
Posted on Aug 22, 2017 in News, State and Local Tax
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
Posted on Aug 21, 2017 in News
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
Posted on Aug 21, 2017 in News
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...
GOP Fears President’s Volatile Relationships Could Jeopardize Tax Reform
Posted on Aug 18, 2017 in News
President Trump’s declining relationship with his party and the business community could endanger passage of a tax reform bill. House Ways and Means Committee Chairman Kevin Brady stated that tax reform, which he described as the “signature issue of this presidency,” can only succeed if the President “gets on board and stays on board.” In the wake of distracting events and the...
Brady Expects Economic Growth to Offset Initial Deficit Increase
Posted on Aug 17, 2017 in News
Speaking at the Reagan Ranch on Wednesday, August 16, 2017, Chairman of the Ways and Means Committee Kevin Brady announced that the GOP tax reform plan could significantly add to the deficit during the first few years of implementation, but that resultant economic growth would eventually offset any adverse effects. While light on specific details, Chairman Brady mentioned that House...
Republicans Confident on Selling Tax Reform
Posted on Aug 16, 2017 in News
The GOP believes it will have an easier time selling the American populace on tax reform than it did on Healthcare reform. In order to elicit support, Republican lawmakers intend to emphasize the effects of tax reform policies on their constituents, including tax cuts, more jobs, more take-home pay, and a simpler tax code. According to political strategists, stripping tax preferences...
September to be a Crucial Month for the Trump Administration
Posted on Aug 14, 2017 in News
In September, the White House and Congress will have to address the debt ceiling, the federal budget, tax reform, and possibly another effort to repeal Obamacare. White House aides have been negotiating these issues in New York while formulating plans to curb the President’s lofty expectations over the complicated, and likely bitterly contested, matters. Tax reform is a primary...
GOP Considers Hybrid Approach to Tax Reform
Posted on Aug 14, 2017 in News
Congressional tax committee members and the White House are discussing tax reform that combines permanent revisions to the tax code with temporary rate cuts for individuals and businesses. The proposal is a potential solution for Republicans if the party opts to utilize the reconciliation process, which limits the life of tax cuts adding 10 years to the federal deficit. (The effect of...
Republican Tax Reform Framework, but No Legislation, Reportedly Coming in September
Posted on Aug 14, 2017 in News
Sources indicate that the Trump administration expects the “Big Six” will release a short three- to five-page document in September outlining a plan for reforming the US tax code. The document will likely not be accompanied by legislation, previously targeted for September, but instead could serve to outline areas of agreement between the White House, Senate, and Congress. Neither the...
Republicans Divided Between Tax Reform and Tax Cuts
Posted on Aug 11, 2017 in News
Facing a low presidential approval rating, failed health care reform, and impending midterm elections, the GOP wants to move quickly on tax legislation but is undecided on the actual package to present. Some Republicans support scaling back reform to focus on tax cuts, in the hope of avoiding drawn out negotiations over eliminating tax expenditures and closing loopholes. Other party...