Orrin Hatch to introduce Senate tax reform bill amendments changing 401(k), IRA classifications
Posted on Nov 13, 2017 in International Tax, News
The Senate Finance Committee has released a full list of the proposed amendments to the Tax Cuts and Jobs Act currently under consideration. Chairman Senator Orrin Hatch will present several amendments to the Senate’s tax reform bill during the mark up. His proposal includes a provision allowing publicly traded companies to deduct up to 12.5% of dividends paid to shareholders from...
Set Phasers to Stun: Corporate Tax Cuts May Be Delayed Under Phase-in Plan
Posted on Oct 31, 2017 in News
An unnamed member of the House Ways and Means Committee stated Monday that the Committee is discussing a phase-in plan for the corporate tax-rate cut. In response, Kevin Brady, Chairman of the House Ways and Means Committee, said only that the Committee preferred an option with no phase-in. Both President Trump and Treasury Secretary Steve Mnuchin also expressed their preference for an...
President Trump Urges House Republicans to Adopt the Senate-Approved Budget to Speed Up Tax-Reform Process
Posted on Oct 23, 2017 in News
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
Posted on Oct 17, 2017 in News, State and Local Tax
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
Posted on Oct 16, 2017 in News
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
Posted on Sep 27, 2017 in News
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
Posted on Sep 26, 2017 in News, Pass-through Taxation
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
Posted on Sep 25, 2017 in News
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
Posted on Sep 22, 2017 in News
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
Posted on Sep 15, 2017 in News
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
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...
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...
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...