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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...

Senate Republicans to Vote on Fiscal Year 2018 Budget

Senate Republicans anticipate voting on the fiscal year 2018 budget this week, allowing their tax plan to add up to $1.5 trillion to the deficit over the next ten years.  The resolution will also contain provisions allowing the GOP to pass the tax reform bill, promised to be brought to the floor by year’s end, by a simple majority and avoid a Democratic filibuster in the Senate.  While...

GOP Releases Tax Reform Framework

The White House and Congressional Republicans have released the Unified Framework for Fixing Our Broken Tax Code. The goals for the Framework, which is described as a template for the tax-writing committees, include providing tax relief for the middle class; simplifying the tax filing process; providing tax relief for businesses (with an emphasis on small businesses); ending incentives...

Tax Reform Blueprint Expected to Include 25% Tax Rate for Pass-Through Entities

The GOP tax reform framework is expected to include a new 25% tax rate for “pass-through” businesses, so named because profits and losses transfer directly to the entity’s owners.  Income earned through pass-through businesses is currently taxed at individual income rates as high as 39.6%.  President Trump is scheduled to announce his tax reform plan, which will also...

Aspects for GOP’s Tax Overhaul Plan Leak

The Republican tax reform blueprint, due to be released this week, will propose a corporate tax rate of 20 percent, according to three insiders with knowledge of the plan, speaking on the condition of anonymity.  In addition, the plan will call for full-expensing, allowing companies to immediately and fully deduct capital expenses.   However, the full expensing benefit will be...

The GOP Readies Tax Reform Pitch

President Trump, learning from the administration’s failure to engage conservative groups during its attempt to repeal Obamacare, will host leaders from several conservative grass roots organizations on Monday, September 25, to rally political allies around his tax reform plan.  On Wednesday, the House Republican Conference will conduct a half-day retreat focused on effectively...

Mnuchin Discusses Tax Reform

Treasury Secretary Steven Mnuchin, during an interview on the Fox News Channel’s “Special Report,” indicated that tax reform would be revenue neutral under the Administration’s growth assumptions.  In discussing specifics of the yet-to-be released tax reform plan, he stated that the estate tax would be eliminated, that there would be a one-time deemed...

Tax Reform Plan Not to Be Released Until After Senate Hearings

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...

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...

President Trump Advocates for Tax Reform

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...

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...

President Needs to Focus on Tax Reform after Bannon Departure

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

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...

Republicans Confident on Selling Tax Reform

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...

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