Administration Official States that Repatriation Tax Will Be in the 10% Range
Posted on Oct 3, 2017 in News
National Economic Council Director Gary Cohn stated on Sunday that the Trump administration has proposed taxing profits accumulated offshore in the “10 percent range.” The tax reform framework released on September 27 stated that there would be two rates for the repatriation tax, with cash taxed at a higher rate than illiquid assets, but did not specify an amount. Cohn did not indicate...
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...
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...
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...
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....
Former Trump Advisors Urge Piecemeal Approach to Tax Reform
Posted on Apr 19, 2017 in News
Former Trump campaign advisors, Steve Forbes, Larry Kudlow, Arthur B. Laffer, and Stephen Moore, urged the Trump Administration and the Republican Party to not attempt to overhaul the entire tax code in one bill. Instead, they advocated first seeking to lower business rates, allow immediate expensing, impose a repatriation tax on overseas profits, and fund infrastructure projects. They...