States Dubious of 2017 Tax Reform
Posted on May 31, 2017 in News
State officials’ concerns over holding special sessions and preparing for federal tax reform in 2017 are waning. Some believe that federal tax reform is unlikely to occur at all, pointing to the controversies enveloping the Trump administration, a partisan Congress, and prioritization of repealing and replacing the Affordable Care Act. Karl Frieden, vice president and general counsel...
Key Open Topics for Tax Reform
Posted on May 30, 2017 in News
Chairman of the House Ways and Means Committee Kevin Brady and Speaker Paul Ryan concur that the White House and Republican members of Congress are eighty percent in agreement on tax reform legislation. Issues constituting the remaining twenty percent include: 1) the permanence of tax reform, 2) individual and corporate tax rates, 3) the border adjustment tax, 4) full expensing or...
Tax Reform for Christmas
Posted on May 26, 2017 in News
Despite controversy surrounding the border adjustment tax proposal, House Speaker Paul Ryan hopes that Congress will present a tax reform bill to the president by the December 23rd recess. Treasury Secretary Steven Mnuchin shared the same goal earlier this week, stating that the objective is to accomplish tax reform by year’s end. Paul Ryan Wants to put Reform on Trump’s...
Brady Suggests Reports of Border Adjustment Tax’s Death Are Greatly Exaggerated
Posted on May 26, 2017 in News
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
Posted on May 26, 2017 in News
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...
Former Speaker Boehner Does Not Believe Tax Reform Will Pass
Posted on May 26, 2017 in Energy Tax, News
During a keynote address at an energy conference, Former Speaker of the House John Boehner stated that his faith in the passage of tax reform was fading and referred to the House Republicans’ and Administration’s tax reform initiatives as a “bunch of happy talk.” Boehner also stated that he believes the border adjustment tax is dead and his odds for passage of tax reform, generally,...
Border Adjustment Tax Faces Looming Demise
Posted on May 25, 2017 in News
House Speaker Paul Ryan, on Wednesday, acknowledged that tax reform legislation could exclude a border tax provision. The controversial tax has faced criticism from several fronts, including some of Ryan’s fellow House Republicans, as well as the Senate and the White House. Treasury Secretary Steven Mnuchin has confirmed that President Trump is not in favor of backing a border...
Ways and Means Committee Hears Testimony on Border Adjustment Tax
Posted on May 24, 2017 in News
On Tuesday, May 23rd, the House Ways and Means Committee, led by Chairman Kevin Brady, held its second hearing on tax reform, entitled “Increasing U.S. Competitiveness and Preventing American Jobs from Moving Overseas.” The hearing concentrated on the practicality and effects of the proposed border adjustment tax on the economy. Chairman Brady was critical of the ‘Made in America’...
Joint Committee on Taxation Releases Report on Destination-Based Taxes and Border Adjustment.
Posted on May 23, 2017 in News
In anticipation of the House Ways and Means Committee hearing on the border adjustment tax included in the House Republicans’ Blueprint, the Joint Committee on Taxation has released a report on destination-based taxes and border adjustment. The report discusses the rationale behind destination-based taxes and describes various proposals for destination-based taxes leading up to the...
Koch Brothers to Push for Focus on Tax Reform
Posted on May 19, 2017 in News
Billionaire Industrialists Charles and David Koch, via their Americans for Prosperity and Freedom Partners groups, will invest millions in the coming months to drive the conservative tax reform agenda amidst the Trump Administration’s distractions. The Koch network has released a set of guidelines for change, mainly consistent with the White House proposal, condemning the contemplated...
House Ways and Means Committee Holds First Hearing on Tax Reform.
Posted on May 19, 2017 in International Tax, News
Led by Chairman Brady, the House Ways and Means Committee held its first hearing on tax reform Thursday. The hearing and witnesses focused mainly on provisions advanced by House Republicans in their Blueprint, including immediate expensing and the impact of a lower corporate tax rate on investment and manufacturing. The witnesses testifying before the Committee included: John J....
Differing Opinions Over Economic Growth
Posted on May 18, 2017 in News
A study, commissioned by Koch Industries and conducted by Quantria Strategies, concludes that a corporate tax rate cut is more effective than full expensing to achieve economic growth. A recent report issued by the Joint Committee on Taxation (JCX-19-17), however, offers a contrary view, suggesting that slowing cost recovery methods could reduce investment despite a corporate tax rate...
Despite a Bleak Outlook, Tax Reform Hearing on Border Adjustment Tax Announced
Posted on May 17, 2017 in News
The House Committee on Ways and Means will hold a hearing on May 23 at 10:00 a.m., entitled “Increasing U.S. Competitiveness and Preventing American Jobs from Moving Overseas,” focusing on the impact of a border adjustment tax and other policies on job, investment and economic growth in the United States. While Senate Majority Leader Mitch McConnell does not foresee legislation...
Congressional Republicans Undecided on Border Adjustment Tax
Posted on May 16, 2017 in News
Despite support from Ways and Means Committee Chairman Kevin Brady, Paul Ryan’s proposed border adjustment tax appears to lack support among rank and file House Republicans, raising serious questions as to the likelihood of passage. Even if the bill manages to garner the necessary votes to pass the House, Sen. Lindsey Graham has said that the legislation...
Senator Mitch McConnell Believes Tax Reform Should Be Revenue Neutral
Posted on May 16, 2017 in News
Senator Majority Leader Mitch McConnell stated in an interview that tax reform must be revenue neutral given the current national debt of $21 trillion and due to the lack of support from Democrats which will require Republicans to use budget rules that allow pushing through permanent tax changes with only 50 votes. Read more: McConnell Wants Revenue-Neutral Tax Plan, at Odds With...