GOP to Release Tax Reform Framework
Posted on Jul 27, 2017 in News
The top Republican tax negotiators are expected to unveil a broad set of agreed tax reform principles prior to the Congressional recess. The anticipated framework is the result of ongoing deliberations between the “big six”: Speaker of the House Paul Ryan, House Ways and Means Committee chairman Kevin Brady, Senate majority leader Mitch McConnell, Senate Finance Committee chairman...
Senator Hatch Weighing Corporate Integration System; Former Treasury Officials Testify in Favor
Posted on Jul 25, 2017 in News
The staff of Senator Hatch, Chairman of the Senate Finance Committee, is reportedly investigating a proposal that will permit a corporation to deduct 40% of the dividends it pays to shareholders. Senator Hatch has previously promoted similar corporate integration measures—plans that eliminate or reduce the double taxation corporations face. The proposal is reportedly being explored...
White House Reconsidering Corporate Tax Rate Goal
Posted on Jul 19, 2017 in News
The Trump Administration, according to White House officials and advisors, is considering a corporate tax rate of 20 percent to 25 percent. While this estimate is higher than the 15 percent rate set forth in the Administration’s one-page tax proposal issued in April, one senior administration official explained that the April figure was a starting point for negotiations, with the...
Senate Finance Committee Announces Tax Reform Hearing
Posted on Jul 12, 2017 in News
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...
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...
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 States that White House, Senate and House Republicans are in Agreement on 80% of Tax Reform Proposals
Posted on Jun 8, 2017 in News
Senate Finance Committee Chairman Orrin Hatch spoke at Bloomberg Global Transfer Pricing Conference on June 7, stating that the White House, Senate and House Republicans are in agreement on roughly 80 percent of the key issues. The Senator reiterated his commitment to lowering tax rates and shifting to a territorial system but noted that the proposals were still in the planning stage...
Senate Republicans Offer No Alternative to Proposed Blueprint Revenue Raisers
Posted on May 26, 2017 in News
Senate Finance Committee Chairman Orrin Hatch has suggested that the three revenue raisers (i.e., the border adjustment tax, elimination of certain itemized deductions and elimination of business interest deductions) proposed in the House Republicans’ Blueprint do not have support in the Senate, and he does not believe they will pass. However, Senate Republicans have yet to offer an...
Chairman of Senate Finance Committee States that Trump Administration is Against Border Adjustment Tax
Posted on May 10, 2017 in News
The Chairman of the Senate Finance Committee, Orrin Hatch, believes after meeting with Trump administration officials, that the Trump administration is against the House Republican’s proposed border adjustment tax. Treasury Secretary Steven Mnuchin met with Republican Senate Finance Committee on May 9 to discuss tax reform. Senator Hatch also believes that the border adjustment tax...