Brady Touts “Big, Bold, Permanent Tax Reform”
Posted on Jun 29, 2017 in News
House Ways and Means Committee Chairman Kevin Brady, during an interview with Stuart Varney of the Fox Business Network, identified four of the most important aspects of tax reform as: (1) cutting the corporate tax rate; (2) cutting the small business tax rate; (3) cutting the individual tax rate; and (4) full and unlimited expensing. Brady ensured that, despite time concerns, Congress...
Committee for a Responsible Federal Budget Opposes Long-Term Budgeting Abuse
Posted on Jun 28, 2017 in News
In a June 22nd press release the Committee for a Responsible Federal Budget both acknowledged the beneficial aspects of long-term budgeting and denounced its irresponsible use to add to the country’s growing debt crisis. Maya MacGuineas, President of the Committee, stated that moving to a 20-year budget window could provide needed guidance to lawmakers in drafting legislation and...
FedEx Delivers Alternative Tax Reform Plan
Posted on Jun 28, 2017 in News
Under the guidance of chief executive officer Fred smith, FedEx Corp. has drafted an alternative tax reform plan in response to the quagmire on Capitol Hill. The FedEx plan mirrors the House Blueprint in many ways, but explicitly omits a border adjustment tax (“BAT”) provision. Instead, several revenue raisers are offered in lieu of the BAT, including a gasoline tax increase, a 10%...
Hatch States Trump Conceding 15 Percent Corporate Tax Rate
Posted on Jun 28, 2017 in News
Senator Orrin Hatch, Chairman of the Senate Finance Committee, stated that President Trump is likely retreating from his proposed goal of a 15 percent corporate tax rate. Sen. Hatch, along with other congressional leaders, has participated in several recent meetings with White House officials in an attempt to reach a consensus on a tax reform bill. He suggested a corporate tax rate...
Hatch Assigns Republican Committee Members to Specific Tax Reform Items
Senator Hatch, head of the Senate tax-writing panel, asked Republican members of the committee to provide input on specific tax areas: Senators Mike Enzi of Wyoming and Rob Portman of Ohio will focus on international business taxation; Senator Chuck Grassley of Iowa will focus on taxation of individuals; Senator John Thune of South Dakota will focus on business and estate taxes;...Brady Announces Two Tax-Reform Hearings for July
Posted on Jun 27, 2017 in News
House Ways and Means Committee Chairman Kevin Brady has announced that the committee will hold two tax reform hearings in July. The first hearing will focus on the benefits of tax reform for small businesses, while the second will concentrate on the benefits for families and individuals. No decision has been made as to whether the hearings will occur before the full committee or only...
A Step toward Bipartisan Tax Reform
Posted on Jun 23, 2017 in News
Blue Dog Democrats, political centrist members of the House of Representatives, recently met with members of the White House economic team, including Treasury Secretary Steven Mnuchin, economic advisor Gary Cohn, and Director of Legislative Affairs Marc Short. The Blue Dogs agree with certain tax reform goals of President Trump, namely that legislation must (i) spur economic growth;...
Tax Reform is Mnuchin’s ‘No. 1 Focus’
Posted on Jun 22, 2017 in News
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...
White House, Congress Agree on Timeline; Ryan Calls for Permanent Reform
Posted on Jun 21, 2017 in News
Speaking at the National Association of Manufacturers summit, House Speaker Paul Ryan confirmed that the White House and House Republicans concentrating on crafting tax reform have agreed to a timeline for a bill to be submitted. White House Chief Economic Advisor, Gary Cohn, has stated that they aim to introduce a bill to Congress in September. The Speaker reiterated his belief in a...
Ryan to Speak on Tax Reform
Posted on Jun 20, 2017 in News
House Speaker Paul Ryan will address attendees at the National Association of Manufacturers (“NAM”) summit regarding tax reform on Tuesday, June 20, in Washington DC. It is anticipated that Ryan’s speech will describe what tax reform will look like as well as its benefits. The NAM summit, focusing on tax reform, regulatory reform, infrastructure and workforce development, will also...
Support Grows for Extending the Ten Year Tax Cut Budget Period
Posted on Jun 16, 2017 in News
With tax reform progress floundering amid GOP rifts and political partisanship, Republican leaders are considering changing Senate budget rules to increase the period before required sunset for tax cuts that add to the federal deficit. Current rules limit the duration of tax cuts that add to the federal deficit to ten years if they are passed under the budget reconciliation process,...
Senator Hatch Requests Comments from the Public on Tax Reform
Posted on Jun 16, 2017 in News
Senate Finance Committee Chairman Orrin Hatch has released a letter asking industry groups and other stakeholders for recommendations on tax reform. Comments must be submitted to taxreform2017@finance.senate.gov by July 17. Read more: GOP chairman seeks tax reform recommendations
Freedom Caucus Chairman Opposes Border Adjustment Tax, Says Tax Reform must Occur by September
Posted on Jun 15, 2017 in News
Mark Meadows, Chairman of the House Freedom Caucus, stated that the border adjustment tax is the main impediment to tax reform, with 70-80 Representatives opposed to the provision. Rep. Meadows indicated that legislation must be enacted by September if tax reform is to occur and meet retroactive requirements, suggesting he believes tax reform effective for 2017 is still a possibility....
Automotive Industry Leaders Opposed to Border Adjustment Tax
Posted on Jun 15, 2017 in International Tax, News
Representatives in the automotive industry met with Gary Cohn, the White House National Economic Council Director, yesterday to discuss the House Republicans’ proposed border adjustment tax. President of the American International Automobile Dealers Association, Cody Lusk, expressed the industry’s dissatisfaction with the plan, which they believed would drive up the cost of every...
Border Tax Adjustment Phase-In Not Popular with Senate Republicans
Posted on Jun 14, 2017 in News
House Ways and Means Committee Chairman Kevin Brady’s proposal to introduce the border adjustment tax (BAT) with a five-year phase-in has not been well received by Senate Republicans. Senate Finance Committee Chairman Orrin Hatch does not think there is enough time for the phase-in and Senator John Thune believes that a five-year phase-in will not make the BAT any more popular than it...