Joint Committee on Taxation Releases Report on Destination-Based Taxes and Border Adjustment.
Posted on May 23, 2017 in News
In anticipation of the House Ways and Means Committee hearing on the border adjustment tax included in the House Republicans’ Blueprint, the Joint Committee on Taxation has released a report on destination-based taxes and border adjustment. The report discusses the rationale behind destination-based taxes and describes various proposals for destination-based taxes leading up to the...
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...
House Ways and Means Committee Holds First Hearing on Tax Reform.
Posted on May 19, 2017 in International Tax, News
Led by Chairman Brady, the House Ways and Means Committee held its first hearing on tax reform Thursday. The hearing and witnesses focused mainly on provisions advanced by House Republicans in their Blueprint, including immediate expensing and the impact of a lower corporate tax rate on investment and manufacturing. The witnesses testifying before the Committee included: John J....
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...
Despite a Bleak Outlook, Tax Reform Hearing on Border Adjustment Tax Announced
Posted on May 17, 2017 in News
The House Committee on Ways and Means will hold a hearing on May 23 at 10:00 a.m., entitled “Increasing U.S. Competitiveness and Preventing American Jobs from Moving Overseas,” focusing on the impact of a border adjustment tax and other policies on job, investment and economic growth in the United States. While Senate Majority Leader Mitch McConnell does not foresee legislation...
Congressional Republicans Undecided on Border Adjustment Tax
Posted on May 16, 2017 in News
Despite support from Ways and Means Committee Chairman Kevin Brady, Paul Ryan’s proposed border adjustment tax appears to lack support among rank and file House Republicans, raising serious questions as to the likelihood of passage. Even if the bill manages to garner the necessary votes to pass the House, Sen. Lindsey Graham has said that the legislation...
Senator Mitch McConnell Believes Tax Reform Should Be Revenue Neutral
Posted on May 16, 2017 in News
Senator Majority Leader Mitch McConnell stated in an interview that tax reform must be revenue neutral given the current national debt of $21 trillion and due to the lack of support from Democrats which will require Republicans to use budget rules that allow pushing through permanent tax changes with only 50 votes. Read more: McConnell Wants Revenue-Neutral Tax Plan, at Odds With...
Tax Reform by End of Year Still a Goal
Posted on May 14, 2017 in News
House Speaker Paul Ryan cautioned against creating an artificial deadline but still described overhauling the tax code by the end of 2017 as a goal, with the House, Senate, and White House all working together on comprehensive tax reform. Despite previous hesitancy regarding the border adjustment from the Trump Administration, Ryan defended the House Republicans’ proposed border...
Mnuchin Talks Tax Reform at G7 Meeting
Posted on May 13, 2017 in News
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...
Brady and Roskam Announce Hearing on Tax Reform
Posted on May 12, 2017 in News
Ways and Means Chairman Kevin Brady and Tax Policy Subcommittee Chairman Peter Roskam have announced that the first hearing on tax reform, focusing on policies to benefit economic growth and job creation, will be held on Thursday, May 18 at 10 a.m. Chairman Brady indicated that tax reform legislation could be introduced in June. Hearing on How Tax Reform Will Grow Our Economy and...
Trumponomics and Tax Reform
Posted on May 12, 2017 in News
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....
Pick for Treasury Tax Policy Post Announced
Posted on May 12, 2017 in News
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 Treasury
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...
Tax Reform in 2019?
Posted on May 10, 2017 in News
Wall Street analysts are generally in agreement that the House of Representatives’ passage of the American Health Care Act will delay tax reform. Predictions on the tax legislation timeline run the gamut, from the second half of 2017, into early 2018, or even 2019 depending on reform progress as the midterm elections near. Tax Reform Could Be Pushed to 2019 as GOP Focuses on Health...
Chairman of Senate Finance Committee States that Trump Administration is Against Border Adjustment Tax
Posted on May 10, 2017 in News
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...