Senate Finance Committee Announces Tax Reform Hearing
Posted on Jul 12, 2017
The Senate Finance Committee, led by Chairman Orrin Hatch, will convene a tax reform hearing on July 18 at 9:00 am titled “Comprehensive Tax Reform: Prospects and Challenges.” The hearing, featuring testimony from four former Treasury Assistant Secretaries for Tax Policy, will examine the challenges faced by Congress in enacting tax reform to promote economic growth and job creation. Hatch Announces Hearing on Prospects, Challenges of Comprehensive Tax Reform
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Global Minimum Tax Under Consideration for Tax Reform
Posted on Jul 12, 2017
The Senate is reportedly exploring the possibility of a global minimum tax, an idea which has historically had some bipartisan support. One approach being considered is a version of the provision that was included in the 2014 tax reform legislation proposed by Dave Camp, the former chairman of the House Ways and Means Committee. That proposal, which generally had the effect of a global minimum tax, applied a 15% tax on foreign intangible income if ultimately derived from consumption outside of the US and 25% if derived from the US. The tax would not apply if the local jurisdiction taxed the...
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Legislative Affairs Chief Predicts Unified Tax Plan in July
Posted on Jul 11, 2017
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 legislation during the recess to initiate the legislative process after the hiatus. Read more: Timeline for Trump’s Tax Plan Gets New End-of-July Milestone
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Tax Reform Hearing Addressing Benefits for Small Businesses and Job Creation set for July 13
Posted on Jul 6, 2017
Peter Roskam, Chairman of the House Ways and Means Tax Policy Subcommittee, has announced that the next hearing on tax reform will be held on July 13th at 10:00 AM. The hearing will focus on how tax reform will benefit small businesses and help them create jobs, featuring testimony from small business owners. Roskam Announces Tax Policy Subcommittee Hearing on How Tax Reform Will Help America’s Small Businesses Grow and Create New Jobs
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Cohn Optimistic for Tax Reform Regardless of Health Bill Progress
Posted on Jul 5, 2017
Gary Cohn, the White House chief economic advisor, is confident that tax reform will occur in September regardless of any healthcare reform bill progress, stating that the Trump Administration will be 100% engaged in tax reform after the August recess. Cohn also defended the administration’s goal of 3% gross domestic product growth, calling it “very realistic.” Tax reform is coming in September, Trump economic advisor Gary Cohn says
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House Freedom Caucus and Tuesday Group at Odds Over 2018 Budget Resolution
Posted on Jul 5, 2017
Amidst debate surrounding major spending cuts to the budget, the House Budget Committee canceled recent plans to send a budget resolution for fiscal year 2018, a prerequisite to passing tax reform in the Senate without support of Democrats, to the House floor. The conservative Freedom Caucus will only support a budget resolution if it includes cuts to welfare programs such as Medicaid and food stamps. The moderate House Tuesday Group opposes such cuts, leery of a reduction in benefits to the poor while corporate America and the wealthy profit from cuts. Each group holds enough votes to...
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Brady Touts “Big, Bold, Permanent Tax Reform”
Posted on Jun 29, 2017
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 and the White House are on track to deliver tax reform with the “biggest, boldest growth” possible in 2017. Listen to the full interview here: GOP still focused on tax reform: Rep. Brady
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Committee for a Responsible Federal Budget Opposes Long-Term Budgeting Abuse
Posted on Jun 28, 2017
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 policies to support lasting fiscal stability. However, MacGuineas warned that “[t]ax reform should be fully paid for, regardless of the budget window. If the only purpose of moving to a 20-year budget window is...
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FedEx Delivers Alternative Tax Reform Plan
Posted on Jun 28, 2017
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% minimum tax on passive offshore income, and an increase in employer Medicare taxes. A FedEx spokesperson described the plan as “…just a way to show revenue can get there without border adjustability.” Read more...
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Hatch States Trump Conceding 15 Percent Corporate Tax Rate
Posted on Jun 28, 2017
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 of 20 percent to 25 percent would turn the country around. Read more here: Trump backing off 15 percent corporate tax rate, Hatch says
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Hatch Assigns Republican Committee Members to Specific Tax Reform Items
Posted on Jun 28, 2017
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; Senators Dean Heller of Nevada and Bill Cassidy of Louisiana will focus on energy taxes; and Senator Pat Roberts of Kansas will focus on taxation of agriculture. Senator Hatch also declared he was committed to...
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Brady Announces Two Tax-Reform Hearings for July
Posted on Jun 27, 2017
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 the tax-policy subcommittee. Read more here: GOP chairman: More tax-reform hearings coming in July
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A Step toward Bipartisan Tax Reform
Posted on Jun 23, 2017
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; (ii) reduce tax rates for the middle-class; (iii) broaden the revenue base; and (iv) lower corporate rates. The 18 member group anticipates releasing its own set of tax reform principles, which will include...
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Tax Reform is Mnuchin’s ‘No. 1 Focus’
Posted on Jun 22, 2017
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 reform initiative as companies await the outcome of reform efforts. Read more here: Mnuchin confident that ‘massive tax reform’ will get done this year
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White House, Congress Agree on Timeline; Ryan Calls for Permanent Reform
Posted on Jun 21, 2017
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 territorial system, stating that the controversial Border Adjustment Tax is not “dead” but acknowledging it needs to be revised. He also called for permanent, comprehensive reform for both individuals and...
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