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...
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....
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...
Tax Reform by End of Year Still a Goal
Posted on May 14, 2017 in News
House Speaker Paul Ryan cautioned against creating an artificial deadline but still described overhauling the tax code by the end of 2017 as a goal, with the House, Senate, and White House all working together on comprehensive tax reform. Despite previous hesitancy regarding the border adjustment from the Trump Administration, Ryan defended the House Republicans’ proposed border...
Comey’s Dismissal May Impede Reform
Posted on May 11, 2017 in News
The firing of FBI Director James Comey could weaken President Trump’s bargaining power with Congress and the administration’s ability to push legislation. Possible outcomes may include tax reform delays or a reform package much more similar to the House Republicans’ Blueprint plan rather than the White House agenda. Delay Seen, again, on Trump Growth Agenda after...
House Republicans Divided Over Means to Pay for Tax Reform
Posted on May 10, 2017 in News
House Republican leadership is committed to a tax reform plan that does not add to the deficit, paying for tax cuts with a Border Adjustment Tax and the removal of deductions. Other members of the House majority support lower rates regardless of the immediate effect, arguing that resultant long-term economic growth will outweigh short-term costs. House Republicans Struggle with Cost...