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All in a Late Night’s Work: Senate Passes Tax Bill

At approximately 2:00 a.m. on Saturday morning, the Senate passed its tax reform bill with a vote of 51-49. Changes to the bill, including some handwritten into the document, were made leading up to the final vote. The only Republican to vote against the bill was Senator Bob Corker who has continued concerns regarding the estimated $1+ trillion deficit over the next 10 years. Corker...

Senate May Vote on Its Tax Reform Bill as Early as Thursday, but There Are Hurdles to Overcome

At least a half dozen Republican senators have shown concern about the Senate version of the Tax Cuts and Jobs Act, threatening the passage of the bill by the end of this year. The bill, passed out of the Senate Finance Committee on November 17, faces its next major hurdle from the Senate Budget Committee who will meet Tuesday, November 28, to add a revenue-raising measure allowing...

White House Officials State Willingness to Sacrifice Health Care Provision for the Tax Reform Greater Good

The White House Budget Director, Mick Mulvaney, indicated that the Trump Administration is willing to strike the health care provision in the Senate’s proposed tax legislation repealing the requirement that everyone in the U.S. have health insurance or pay a fine. Striking this provision would leave the Senate $338 billion short of their revenue goal and would require Republican...

Senate Finance Committee Approves Republican Tax Reform Proposal

On November 16, 2017, by a partisan 14-12 vote, the Senate Finance Committee approved the Senate GOP’s version of the tax reform plan, which differs from the proposed House bill, after adoption of Chairman Orrin Hatch’s manager’s amendment.  Legislative language will now be drafted and taken up for vote by the full Senate following Thanksgiving. Senate Finance Committee Approves GOP...

Senate Releases Modification to the Chairman’s Mark of the Tax Cuts and Jobs Act

The Senate Finance Committee Chairman, Orrin Hatch, has released a modified version of the chairman’s mark for the Tax Cuts and Jobs Act.  Read the full text here: Description of the Chairman’s Modification to the Chairman’s Mark of the Tax Cuts and Jobs...

Orrin Hatch to introduce Senate tax reform bill amendments changing 401(k), IRA classifications

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...

Senate Bill Anticipated Later This Week; House Begins Markup of Their Tax Reform Legislation

  The House Ways and Means Committee began marking up the GOP tax bill this afternoon, and the process is expected to continue until Thursday. The markup will start with opening statements and then amendments are expected to be introduced throughout the week by Chairman Kevin Brady.  With the floor open to Democrats, discussions and amendments are anticipated to focus on the...

Senate Finance Committee Holds Hearing on International Tax Reform

Led by Chairman Hatch, the Senate Finance Committee held a hearing on international tax reform, following the release of the Republican tax reform framework. The hearing and witnesses focused on the competitive disparity between foreign multinationals and domestic multinationals. The witnesses differed on whether a switch to a territorial system or stronger earning stripping provisions...

Business Tax Reform Hearing Announced by Senate Finance Committee

Senator Hatch, the Chairman of the Senate Finance Committee, announced a hearing on business tax reform to take place on Tuesday, September 19, 2017. Four executives from industry groups and think tanks will testify on policy options for reforming the taxation of U.S. businesses. The witnesses include: Scott A. Hodge, President, Tax Foundation; Donald B. Marron, Institute Fellow, Urban...

Heller Foresees Tax Reform Passage in December

Senator Dean Heller, a Republican member of the Senate Finance Committee, stated that the best case scenario for tax reform is legislation passing in late December of this year.  He predicted that the tax reform bill will lower rates, apply retroactively, and will attempt to decrease some regulations.  Senator Heller anticipates a half dozen tax reform hearings from his committee prior...

Republican Tax Reform Framework, but No Legislation, Reportedly Coming in September

Sources indicate that the Trump administration expects the “Big Six” will release a short three- to five-page document in September outlining a plan for reforming the US tax code. The document will likely not be accompanied by legislation, previously targeted for September, but instead could serve to outline areas of agreement between the White House, Senate, and Congress. Neither the...

Senator Hatch Not Optimistic About a Significant Reduction in the Corporate Tax Rate

Senator Hatch, Senate Finance Committee chairman, said in an interview that it would be “kind of miraculous” to reduce the corporate tax rate to 25 percent, much less President Trump’s goal of 15 percent, and that Republicans will be lucky to get the rate down at all.  He also stated that tax reform success may require gaining Democratic support. Read more: U.S. Senator Hatch says 25...

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,...

Senator Hatch Weighing Corporate Integration System; Former Treasury Officials Testify in Favor

The staff of Senator Hatch, Chairman of the Senate Finance Committee, is reportedly investigating a proposal that will permit a corporation to deduct 40% of the dividends it pays to shareholders.  Senator Hatch has previously promoted similar corporate integration measures—plans that eliminate or reduce the double taxation corporations face.  The proposal is reportedly being explored...

Senate Finance Committee Announces Tax Reform Hearing

The Senate Finance Committee, led by Chairman Orrin Hatch, will convene a tax reform hearing on July 18 at 9:00 am titled “Comprehensive Tax Reform: Prospects and Challenges.”   The hearing, featuring testimony from four former Treasury Assistant Secretaries for Tax Policy, will examine the challenges faced by Congress in enacting tax reform to promote economic growth and...


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