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...
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...
Tax Reform for Christmas
Posted on May 26, 2017 in News
Despite controversy surrounding the border adjustment tax proposal, House Speaker Paul Ryan hopes that Congress will present a tax reform bill to the president by the December 23rd recess. Treasury Secretary Steven Mnuchin shared the same goal earlier this week, stating that the objective is to accomplish tax reform by year’s end. Paul Ryan Wants to put Reform on Trump’s...
Brady Suggests Reports of Border Adjustment Tax’s Death Are Greatly Exaggerated
Posted on May 26, 2017 in News
House Ways and Means Chairman Kevin Brady, acknowledging the dissension surrounding the border adjustment tax, remains stalwart that it is a “critical” component of the House GOP’s tax reform agenda. Chairman Brady reports working with the White House and the Senate to resolve opposition to the plan, projected to raise nearly a trillion dollars in revenue to offset a...
Senate Republicans Offer No Alternative to Proposed Blueprint Revenue Raisers
Posted on May 26, 2017 in News
Senate Finance Committee Chairman Orrin Hatch has suggested that the three revenue raisers (i.e., the border adjustment tax, elimination of certain itemized deductions and elimination of business interest deductions) proposed in the House Republicans’ Blueprint do not have support in the Senate, and he does not believe they will pass. However, Senate Republicans have yet to offer an...
Former Speaker Boehner Does Not Believe Tax Reform Will Pass
Posted on May 26, 2017 in Energy Tax, News
During a keynote address at an energy conference, Former Speaker of the House John Boehner stated that his faith in the passage of tax reform was fading and referred to the House Republicans’ and Administration’s tax reform initiatives as a “bunch of happy talk.” Boehner also stated that he believes the border adjustment tax is dead and his odds for passage of tax reform, generally,...
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’...
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...
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...
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...
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....
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...