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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...

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...

President Trump Urges House Republicans to Adopt the Senate-Approved Budget to Speed Up Tax-Reform Process

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...

Administration Official States that Repatriation Tax Will Be in the 10% Range

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...

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...

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...

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...

Cohn Calls for Sub-23% Corporate Tax Rate

White House economic advisor Gary Cohn stated that the US must reduce the tax rate for corporations and pass-through entities below 23%.  He indicated such a rate is necessary to encourage domestic corporations to keep their profits in the US by competing with corporate tax rates offered by most member countries of the Organisation for Economic Co-operation and Development (OECD). ...

White House Legislative Director Hopes for Bipartisan Support for Tax Reform Bill

Legislative Affairs director Marc Short, acknowledging that the reconciliation process leaves little room for error, stated that he is hopeful some Democrats, including members of the Blue Dog Coalition and the Problem Solvers Caucus in the House, as well as red state Democrats in the Senate, will support the passage of a tax reform bill.  Short expects that tax reform legislation will...

Senate Democrats Call for Bipartisan Tax Reform

In a letter to the President and GOP Congressional leaders, the 45 of the 48 members of the Senate Democratic Caucus urged abandonment of the reconciliation process in favor of bipartisan tax reform.  The Senate Democrats stated, however, that they would not support a bill that grants tax breaks to the wealthy or that adds to the deficit and thereby jeopardizes critical programs such...

House Ways and Means Committee Democrats Critical of Republicans’ Joint Statement on Tax Reform

In response to Congressional Republicans’ and the Trump Administration’s unveiling of their joint statement on taxes, several Democratic members of the House Ways and Means Committee issued condemnatory press releases: Ranking Member Richard Neal expressed his disappointment over the Republicans’ decision to exclude Democrats from the tax reform process, stating that partisan tax...

White House Reconsidering Corporate Tax Rate Goal

The Trump Administration, according to White House officials and advisors, is considering a corporate tax rate of 20 percent to 25 percent.  While this estimate is higher than the 15 percent rate set forth in the Administration’s one-page tax proposal issued in April, one senior administration official explained that the April figure was a starting point for negotiations, with the...

Legislative Affairs Chief Predicts Unified Tax Plan in July

White House legislative affairs chief Marc Short has stated that the Trump Administration intends to have a unified tax reform plan in place prior to Congress’ August recess, accelerating Treasury Secretary Steven Mnuchin’s previously stated target of early September. White House spokesperson Natalie Strom confirmed the July goal, adding that the unified proposal will be used to ready...

Tax Reform is Mnuchin’s ‘No. 1 Focus’

Treasury Secretary Steven Mnuchin stated that the Trump Administration and Congress are wholly dedicated to passing tax reform this year.  He foresees tax reform encompassing lower tax rates accompanied by cuts to special interest preferences and the implementation of a territorial tax system.  Secretary Mnuchin observed that slow corporate tax receipts are a byproduct of the tax...


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