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President Trump Urges House Republicans to Adopt the Senate-Approved Budget to Speed Up Tax-Reform Process

President Trump and Vice President Mike Pence urged House Republicans on a conference call yesterday to speed up the tax reform process by adopting the Senate-approved budget without further amendments. The chairwoman of the House Budget Committee, Rep. Diane Black, as well as Speaker Paul Ryan also voiced their support for the passage of the Senate budget this week. The end of this...

Trump Tempers Tax Reform Timing Expectations

President Trump and Senate Majority Leader Mitch McConnell, at an October 16th White House news conference, acknowledged that the tax code rewrite may not occur by year’s end, though the goal remains to accomplish reform in 2017.  With the release of a detailed tax plan still pending, Republicans are faced with disputes regarding how to tax corporations, the fate of the estate tax, and...

Congressional Republicans Frustrated by Lack of Tax Reform Detail

With the vote for tax reform legislation looming, Congressional members of the GOP, including Freedom Caucus Chairman Mark Meadows, have expressed concern over the lack of clarity as to what the tax reform proposal is.  Speaking anonymously, a member of the House Ways and Means Committee suggested that the lack of detail was either to prevent media leaks or because there is simply not...

Ryan Anticipates Release of Tax Reform Plan by Autumn

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...

The ‘Big 6’ Are Making Progress on Tax Reform Framework

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

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...

GOP Considers Hybrid Approach to Tax Reform

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...

Republicans Divided Between Tax Reform and Tax Cuts

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...

Abandonment of Border Adjustment Tax may lead to Shallower, Shorter Tax Cuts

The GOP’s decision to abandon the controversial border adjustment tax (BAT) increases the chances that ensuing tax cuts will be both temporary and shallower than envisioned.  Without the BAT’s estimated $1 Trillion in revenue, and with no other plan to raise significant funds, analysts estimate the lowest possible revenue-neutral rate for corporate taxes is about 27%, significantly...

Joint Statement on Tax Reform Issued; BAT Abandoned

Today, House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX) issued a joint statement on tax reform that sets out a broad framework for moving forward on tax reform. Most notably,...

GOP to Release Tax Reform Framework

The top Republican tax negotiators are expected to unveil a broad set of agreed tax reform principles prior to the Congressional recess.  The anticipated framework is the result of ongoing deliberations between the “big six”:  Speaker of the House Paul Ryan, House Ways and Means Committee chairman Kevin Brady, Senate majority leader Mitch McConnell, Senate Finance Committee chairman...

Opposition to Border Adjustment Tax Continues

Critics, including the House Freedom Caucus and the Koch-brothers-backed Freedom Partners, as well as the retail, oil refining, and auto industry sectors, remain resolute in their position that tax reform legislation should not include a border adjustment tax (BAT).  House Speaker Paul Ryan and Ways and Means Chairman Kevin Brady remain the BAT’s strongest supporters, but apprehension...

Republicans Close to a Unified Tax Reform Framework

House Speaker Paul Ryan, addressing an audience at the New Balance shoe factory in Massachusetts, stated that White House and Congressional leaders are nearing agreement on a tax reform framework.  Speaker Ryan suggested that lowering the current corporate tax rate of 35 percent to a 20 percent rate, through the closing of loopholes and special interest deductions, is a realistic...

White House Reconsidering Corporate Tax Rate Goal

The Trump Administration, according to White House officials and advisors, is considering a corporate tax rate of 20 percent to 25 percent.  While this estimate is higher than the 15 percent rate set forth in the Administration’s one-page tax proposal issued in April, one senior administration official explained that the April figure was a starting point for negotiations, with the...

White House, Congress Agree on Timeline; Ryan Calls for Permanent Reform

Speaking at the National Association of Manufacturers summit, House Speaker Paul Ryan confirmed that the White House and House Republicans concentrating on crafting tax reform have agreed to a timeline for a bill to be submitted. White House Chief Economic Advisor, Gary Cohn, has stated that they aim to introduce a bill to Congress in September. The Speaker reiterated his belief in a...


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