Conference Committee Working to Resolve House and Senate Differences
Posted on Dec 12, 2017 in News, State and Local Tax
Conference Committee negotiators in the House and Senate over the weekend did not reach a compromise on the different versions of the Tax Cuts and Jobs Act. The main issues include the timing of the 20% corporate rate cut and whether to allow deductions for state and local taxes. Currently, Congressional Republicans hope to finalize the bill by December 20th, and Kevin Brady, Chair of...
House Sends Tax Cuts and Jobs Act to Conference Committee
Posted on Dec 5, 2017 in News
The House voted Monday to send the Tax Cuts and Jobs Act to conference committee to resolve the differences between the House and Senate versions of the bill. The committee has 14 House total members, 9 Republican and 5 Democratic. The Republican members are: Keven Brady (the Chair of the House Ways and Means Committee), Ron Bishop, Diane Black, Kristi Noem, Devin Nunes, Peter Roskam,...
Senate Budget Committee Passes the Tax Cuts and Jobs Act
Posted on Nov 28, 2017 in News
The Senate Budget Committee has passed the Tax Cuts and Jobs Act on a 12-11 vote. This procedural hurdle was necessary for the bill to be considered on the floor of the Senate. Read more: Senate Budget Committee Advances GOP Tax Bill
Senate Releases the Legislative Text of the Tax Cuts and Jobs Act
Posted on Nov 21, 2017 in News
The Senate has released the its version of the legislative text for the Tax Cuts and Jobs Act. Read the full text here. Read the section by section summary of the act here.
Senate Releases Modification to the Chairman’s Mark of the Tax Cuts and Jobs Act
Posted on Nov 15, 2017 in News, Uncategorized
The Senate Finance Committee Chairman, Orrin Hatch, has released a modified version of the chairman’s mark for the Tax Cuts and Jobs Act. Read the full text here: Description of the Chairman’s Modification to the Chairman’s Mark of the Tax Cuts and Jobs Act.
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...
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...
Trump Administration Releases Tax Plan Outline
Posted on Apr 26, 2017 in News
The Trump administration released an outline of their tax reform plan today, which sets out the key initiatives they will pursue. Their proposals include lowering the corporate tax rate to 15%, repealing the 3.8% Affordable Care Act tax, implementing a territorial tax system, and introducing a transition repatriation tax on “trillions of dollars held overseas.” Read more at: Cohn,...
Trump Announces Tax Cut Details Will Be Released Next Week
Posted on Apr 19, 2017 in News
President Trump announced that his tax reform plan will be released next week. He promised a “massive tax cut” to businesses and individuals that could end up larger “than any tax cut ever.” He did not provide any insight into the contents of the plan. Read more at: Trump says he will release tax reform package next week
Former Trump Advisors Urge Piecemeal Approach to Tax Reform
Posted on Apr 19, 2017 in News
Former Trump campaign advisors, Steve Forbes, Larry Kudlow, Arthur B. Laffer, and Stephen Moore, urged the Trump Administration and the Republican Party to not attempt to overhaul the entire tax code in one bill. Instead, they advocated first seeking to lower business rates, allow immediate expensing, impose a repatriation tax on overseas profits, and fund infrastructure projects. They...
Ways and Means to Hold Tax Reform Hearings
Posted on Apr 18, 2017 in News
The House Ways and Means Committee will conduct hearings on tax reform in the coming weeks, working toward the goal of passing tax reform by the end of the year. Rep. Peter Roskam (R-Ill.), Chairman of the Tax Policy Subcommittee, will select witnesses and draft the hearing topics, which will focus on elements of the House Republicans’ tax blueprint. Read more at: GOP chairman: Ways...
Tax Reform Timeline in Doubt; Unlikely by August Says Sec. Mnuchin
Posted on Apr 17, 2017 in News
The Trump administration had previously stated that they wished to pass tax reform legislation by August of this year. However, Treasury Secretary Mnuchin has recently stated that the August deadline is too aggressive at this point and is not realistic. With legislative focus turning back to healthcare, it is unclear whether tax reform will be accomplished this year. Read more at: Tax...
Border Adjustment Tax May Affect Discount Retailers’ Profit Margins
Posted on Apr 17, 2017 in News
Dollar Tree, and similar discount retailers, rely on imports from countries like China that manufacture inexpensive products and sell at low prices. If the House Republicans impose the border adjustment tax, and imports are taxed at 20 percent, such discount retailers may have to revise their business models in order to maintain their profit margins and continue to be profitable. Read...
The Fading Blueprint
Posted on Apr 12, 2017 in News
U.S. House Speaker Paul Ryan’s tax reform blueprint is facing opposition within the Republican ranks. Both the Whitehouse and the Senate Republicans are preparing alternative plans, with the latter dusting off former House Ways and Means Committee Chairman Dave Camp’s proposed tax reform act as its foundation for new legislation. Read more at: U.S. Tax Reform Debate Moves Away From...