Committee Hearing Discusses Tax Reform Impact and Next Steps
Posted on May 21, 2018 in International Tax, News
The House Ways and Means Committee held a hearing last Wednesday, May 16th, where Republicans and Democrats continued to be divided in their evaluations of the recent tax reform and its effects on jobs, the economy, and investment. In opening statements, Richard Neal criticized the new law for giving “83 percent of the tax savings to the top one percent.” Testimony during the hearing included criticism of the law for mainly benefiting big businesses and also optimism for the future economic effects of the law. Republicans are currently planning for “Tax Reform 2.0” to make individual tax cuts permanent, however there is some doubt that another bill could gain enough bipartisan support to pass.
Read more: House Lawmakers Examine Tax Reform