Eversheds Sutherland Tax Reform Law Blog
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Senate Approves Budget, Easing Path Toward Tax Reform Legislation

The Senate approved a budget for 2018 with language permitting a simple majority vote on tax legislation through reconciliation. The budget language allows tax legislation to add up to $1.5 trillion dollars to the deficit over a decade, which the budget blueprint balances by assuming greater economic growth, cuts in spending and an accounting method that does not include Social...

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...

Senator Hatch States that White House, Senate and House Republicans are in Agreement on 80% of Tax Reform Proposals

Senate Finance Committee Chairman Orrin Hatch spoke at Bloomberg Global Transfer Pricing Conference on June 7, stating that the White House, Senate and House Republicans are in agreement on roughly 80 percent of the key issues. The Senator reiterated his commitment to lowering tax rates and shifting to a territorial system but noted that the proposals were still in the planning stage...

Brady Suggests Reports of Border Adjustment Tax’s Death Are Greatly Exaggerated

House Ways and Means Chairman Kevin Brady, acknowledging the dissension surrounding the border adjustment tax, remains stalwart that it is a “critical” component of the House GOP’s tax reform agenda. Chairman Brady reports working with the White House and the Senate to resolve opposition to the plan, projected to raise nearly a trillion dollars in revenue to offset a...

Senate Republicans Offer No Alternative to Proposed Blueprint Revenue Raisers

Senate Finance Committee Chairman Orrin Hatch has suggested that the three revenue raisers (i.e., the border adjustment tax, elimination of certain itemized deductions and elimination of business interest deductions) proposed in the House Republicans’ Blueprint do not have support in the Senate, and he does not believe they will pass. However, Senate Republicans have yet to offer an...

Chairman of Senate Finance Committee States that Trump Administration is Against Border Adjustment Tax

The Chairman of the Senate Finance Committee, Orrin Hatch, believes after meeting with Trump administration officials, that the Trump administration is against the House Republican’s proposed border adjustment tax. Treasury Secretary Steven Mnuchin met with Republican Senate Finance Committee on May 9 to discuss tax reform. Senator Hatch also believes that the border adjustment tax...

Border Adjustment Tax Unlikely to be Part of Reform Effort According to Top Senate Republican

Senator John Cornyn, the Senate Majority Whip, stated yesterday that the border adjustment tax, proposed by House Republicans, was likely dead.  While the Trump administration’s guidelines regarding tax reform advocated for a switch to a territorial system, they did not specifically endorse a border adjustment mechanism. According to Senator Cornyn, enough Republican senators have...