Businesses of all sizes should consider how the Biden Administration’s “Build Back Better” economic plan would affect international supply chains. His strategy to revitalize the American economy rests on two pillars: strengthening Buy American provisions and reforming the tax code to incentivize domestic production.… Continue Reading
At two o’clock in the morning on Saturday December 2, 2017, the Senate took another major step towards accomplishing comprehensive tax reform – on a near party line vote, it passed its version of the most sweeping legislation to overhaul the US Tax Code in a generation. Although Republicans have made significant progress on tax … Continue Reading
The November 9 release of the Senate Finance Committee Chairman’s Mark has put into high gear the race to complete once-in-a-generation tax reform. A mere five hours after the House Ways and Means Committee completed a four-day markup and voted its legislation out of Committee along party lines (further discussed here), Senate Republicans released their … Continue Reading
It’s here! House Republicans have released the legislative text of the most serious effort to reform the US Tax Code since 1986. Republican tax-writers have come a long way from the “Blueprint” and the “Unified Framework” – they have offcially broken ground on sweeping tax reform legislation titled the Tax Cuts and Jobs Act (the Bill). Although they have made … Continue Reading
As you will recall, earlier this year, President Trump issued an Executive Order requiring the Department of Treasury to identify regulations issued during the last year of the Obama Administration that would increase burdens on taxpayers and impede economic growth. After identifying eight such regulations in an interim report released in June, Treasury last week … Continue Reading
Following the publication of the Tax Reform Framework, members of our Tax Strategy & Benefits team sat down to discuss the key policy announcements and consider what is likely to happen next and the possible ramifications for businesses in the US and around the world. We have recorded their conversation as a podcast. The panel, drawing … Continue Reading
With Congress back in session following its August recess, one agenda item stands above the rest in terms of priority: tax reform. After several failed attempts at repealing the Affordable Care Act earlier this year, and with few other major achievements nearly nine months into the 115th Congress, Republicans are in need of a win … Continue Reading
Legislative Activity Pressing Forward with Tax Reform Prior to last week’s Memorial Day recess, both the House Ways & Means and Senate Finance Committees held hearings, which focused on the state of tax reform. First, in their hearings reviewing the President’s FY 2018 Budget Proposal, tax-writers focused on various issues, including: (1) the timing and … Continue Reading
Legislative Activity Ways and Means Committee Kicks Off Tax Reform Efforts with First Public Hearings On Thursday, May 18, the House Ways and Means Committee held a hearing titled “How Tax Reform Will Grow Our Economy and Create Jobs.” The hearing – which is the first in what is expected to be a series of … Continue Reading
Legislative Activity This Week’s Hearings: On Wednesday, May 17, the House Ways and Means Committee has scheduled a hearing titled “Opportunities for Youth and Young Adults to Break the Cycle of Poverty.” The witnesses will be announced. On Thursday, May 18, the House Ways and Means Committee has scheduled a hearing titled “How Tax Reform … Continue Reading
Legislative Activity House Tax-Writers Hold Two-Day Meeting on Tax Reform Today, Monday, May 1, House Ways and Means Committee Republicans will continue their two-day meeting to reach a consensus on tax reform – a task that comes amidst the release of the Trump Administration’s tax reform principles (discussed further below). As senior House tax-writer Devin … Continue Reading
Legislative Activity Brady May Be Open to “Significant Modifications” on BAT as the Trump Administration Takes More Active Role in the Tax Reform Debate As the health care reform debate continues to unfold, congressional tax-writers are preparing to move forward swiftly with their tax reform efforts. Though House Ways and Means Committee Chairman Kevin Brady (R-TX) has … Continue Reading
Legislative Activity Time for Tax Reform? With the GOP’s healthcare reform efforts having fallen apart, Members and staff from the House Ways and Means Committee will likely now turn their full time and attention to another key priority: tax reform. See our analysis of the current landscape here. This Week’s Hearings: On Tuesday, March 28, the House … Continue Reading
Legislative Activity The House With the 115th Congress entering month three, tax reform continues to be a focal point of the political debate in Washington. Intent to move forward with their tax reform “Blueprint” released in June 2016, Speaker Paul Ryan (R-WI), House Ways and Means Committee Chairman Kevin Brady (R-TX), and other tax-writers have … Continue Reading
Legislative Activity Corporate “Tax Dodging” in Spotlight as Tax Reform Timing in Question It is becoming increasingly clear that the timing of tax reform is largely tied to what happens with the House Blueprint. Assuming the proposal moves forward largely as is, the House is aiming to wrap up debate and successfully enact tax reform by … Continue Reading
Legislative Activity Senate Starts Talking Tax Reform, Advances Mnuchin Nomination As House tax-writers continue to move forward with their tax reform “Blueprint” – and work to address a myriad of concerns that have arisen (i.e., border adjustability) – various Senate Finance Committee Members last week began to lay the groundwork for their approach to tax … Continue Reading
Legislative Activity GOP Sets Out Timeline for Tax Reform Last week, Republican lawmakers traveled to Philadelphia for a retreat to discuss their priorities for the 115th Congress. Among the top priorities for the GOP: tax reform. According to House Speaker Paul Ryan (R-WI), the House will turn its full time and attention to tax reform … Continue Reading
Legislative Activity Border Adjustability in the Spotlight Though healthcare and repealing and replacing the Affordable Care Act have thus far been the primary focus of the tax-writing committees this Congress, policymakers are still continuing to move forward with tax reform. Among the proposals in the House Republicans’ tax reform “Blueprint” receiving the most attention in recent weeks … Continue Reading
Legislative Activity Coming Soon: The GOP’s Tax Reform “Blueprint” With House Republicans expected to roll out their comprehensive tax “blueprint” this month – and lawmakers set to leave Washington on Friday, June 24 – it is likely that we will see the proposal released this week. It is quite possible, however, that the final product may … Continue Reading
Legislative Activity Tax Reform Discussions Persist, Proposals Due Out This Month House Ways and Means Committee Chairman Kevin Brady (R-TX) remains focused on efforts to overhaul the U.S. tax Code and is expected to release his tax reform “blueprint” this month. He recently stated that he anticipates continuing to concentrate efforts on the blueprint “through … Continue Reading
Legislative Activity As June Nears, Tax-Writers Press Forward with Tax Reform Proposals Following last week’s Senate Finance Committee hearing to discuss Chairman Orrin Hatch’s (R-UT) “corporate integration” proposal as relates to the pros and cons of a dividends paid deduction regime, this week, on Tuesday, May 24, the Committee will hold its second in a … Continue Reading
Legislative Activity House Tax-Writers Continue Moving Forward with Work on Tax Reform This week, on Wednesday, April 13, the House Ways and Means Subcommittee on Tax Policy will hold a hearing to continue the Committee’s efforts to examine “fundamental tax reform proposals.” In March, Ways and Means Committee members examined legislative proposals related to cash-flow … Continue Reading
Legislative Activity Senate Finance Committee Tax Reform Working Groups Release Reports Last week, on Tuesday, July 8, the Senate Finance Committee released the long-awaited reports from its five bipartisan Tax Reform Working Groups, which were formed to “spur congressional comprehensive tax reform efforts in the 114th Congress.” The groups focused on: (1) Individual Income Tax; … Continue Reading
Legislative Activity Representative Dold Appointed to Ways and Means While his selection has not yet been formally approved, it was announced that Representative Bob Dold (R-IL) will fill the seat on the House Ways and Means Committee that was vacated when former Representative Aaron Schock (R-IL) stepped down last month. Representative Dold, who was originally … Continue Reading
