Tax Reform Update

By: Fred Jankilevich

Lawyer / Consultant

November 14th 2017

 

The tax-writing of The Senate began to disclose its tax-cutting proposal yesterday.

 

A recent interview with Steve Scalise over public media by Neil Cavuto on November 10th, reflects how immediacy is a central priority to the bill: “…in our bill, we have been working really hard to make sure that those tax cuts are immediate. I’m not going to criticize the Senate, because I’m encouraged that they’re actually moving a bill forward. I want them to pass a bill, just like we need to pass a bill. (…) But when we passed a bill in health care out of the House, and they fell one vote short, it was a huge disappointment for all of us. This time, we need to get it done. President Trump is all in on these tax cuts.”

 

In terms of the reform, Senate Finance Chairman Orrin Hatch hdisclosed during a press release yesterday that a central priority is to ensure the tax plan will conform with Senate budget rules and provide permanent tax cuts for businesses:

 

“The mark, as originally introduced, leaves us with some work to do in order to make the reforms permanent, particularly on the business side where job creators need to be able to plan many years into the future (…) We are, of course, aware of this problem and are working to ensure that the reduced rates and additional reforms designed to bring investment back to the United States and create more American jobs remain in place past the 10-year budget window.” (As transcribed from the Bloomberg Interview on November 13th, 2017)

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