Ways and Means Committee Amends the Tax Cuts and Jobs Act
Posted on Nov 8, 2017 in International Tax, News
On Monday, the House Ways and Means Committee approved an amendment offered by Kevin Brady to the proposed tax reform bill. The amendment revises the rules targeting the international base erosion by providing a foreign tax credit, among other items. This amendment also imposes an additional holding period requirement for capital gain on carried interest, increasing the holding period...
Senate Will Not Release Bill Until House Finishes Markup
The House Ways and Means Committee continues the markup process that began on Monday. No new amendments were agreed to in yesterday’s markup session but the state and local tax deduction and pass-through entities remain key issues in the debate concerning the legislation. The House’s negotiation process has important implications for the Senate timeline as the Senate bill will not...Senate Bill Anticipated Later This Week; House Begins Markup of Their Tax Reform Legislation
Posted on Nov 6, 2017 in News, State and Local Tax
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...
Delayed Tax Reform Bill Is Expected To Be Released Thursday
Posted on Nov 1, 2017 in News
Kevin Brady, the Republican chair of the House Ways and Means Committee, stated that the tax reform bill will be released on Thursday. The bill was originally slated to be released today but there are still several unsettled matters related to the plan, such as the in threshold for the top marginal individual tax rate. The Ways and Means Committee remains set to mark up the bill on...
Set Phasers to Stun: Corporate Tax Cuts May Be Delayed Under Phase-in Plan
Posted on Oct 31, 2017 in News
An unnamed member of the House Ways and Means Committee stated Monday that the Committee is discussing a phase-in plan for the corporate tax-rate cut. In response, Kevin Brady, Chairman of the House Ways and Means Committee, said only that the Committee preferred an option with no phase-in. Both President Trump and Treasury Secretary Steve Mnuchin also expressed their preference for an...
Even with Concession on Property Tax Deductions, Tax Bill Aimed for Wednesday Release Faces Early Opposition
Posted on Oct 30, 2017 in News, State and Local Tax
Kevin Brady, Chairman of the House Ways and Means Committee, announced that the House’s tax plan will allow individuals to deduct their state and local property taxes from their federal returns, “to help taxpayers with local tax burdens,” although not their state and local income or sales taxes. However, the National Association of Home Builders has already voiced its opposition to the...
House Democrats Release Their Tax Reform Principles
Posted on Oct 27, 2017 in News
The ranking Democrat on the House Ways and Means Committee, Rep. Richard Neal, released their principles on tax reform on Wednesday, outlining the Democrats’ priorities for tax reform legislation. The outline calls for increases to tax credits and incentives targeted towards the middle class and expanding infrastructure investment. On the corporate side, the Democrats’ goals...
House Passes Budget, Clearing the Way for Tax Reform
Posted on Oct 26, 2017 in News
The House of Representatives approved the Senate version of the 2018 federal budget by a narrow margin (216-212). The budget will allow for tax legislation that could add up to $1.5 trillion to the federal deficit over 10 years, and will clear the path for Congress to fast-track tax reform legislation. House Republicans are expected to unveil the text of their tax bill next week....
State and Local Tax Deduction Presents a Potential Roadblock to Tax Reform
Posted on Oct 25, 2017 in News, State and Local Tax
Republican leaders are counting on a swift vote on the budget in order to meet their end-of-year deadline for passing tax reform. However, House Republicans from high-tax states like New York, California, Illinois, and New Jersey indicated that they might not vote to pass the budget on Thursday unless they receive a guarantee that tax reform will not eliminate the State and Local Tax...
“Trick or Treat?: Top House Republicans Discuss Timing for Release of Tax Reform Bill”
Posted on Oct 24, 2017 in Uncategorized
Yesterday, Rep. Mark Meadows, Chairman of the House Freedom Caucus, revealed that he has been promised that the text of the tax reform bill will be published by November 3rd; he expects a vote on the legislation prior to Thanksgiving. Rep. Kevin Brady, chairman of the House Ways and Means Committee that is currently drafting the legislation, offered a less-specific timeline, saying...
President Trump Urges House Republicans to Adopt the Senate-Approved Budget to Speed Up Tax-Reform Process
Posted on Oct 23, 2017 in News
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...
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...
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,...