Tax reform process continues
The train still appears to be on the tracks
TAX ALERT |
Progress on tax reform continues to move slowly. During the week of July 10, 2017, some in the Trump administration voiced expectations of releasing a tax reform package in September. On July 13, 2017, the House Ways and Means Tax Policy subcommittee held a hearing on small business tax reform and on July 18, 2017, the Senate Finance committee has a hearing scheduled to discuss tax reform prospects and challenges. Meetings between the Administration and the Republican leadership on Capitol Hill are continuing to take place and public comments are made almost daily by someone involved in the process. None of the comments made to date have provided much new in the way of signaling a change in direction from earlier proposals or expected sticking points.
It appears that the approach being taken is that of developing a detailed consensus proposal between the White House and the Republican leadership on Capitol Hill which will be released for Congress’ consideration in early September. Since the approach seems to be that of developing a comprehensive plan which will have interdependent parts, it is unlikely that we will learn much about any individual decisions prior to release of a comprehensive proposal in the fall.
Although August is normally a recess month for Congress, the Senate has already announced a two week delay. Whether Congress is formally in session or not, it is expected that meetings will continue throughout the month of August and that Congress will focus on tax reform in earnest when they return in September.
See our continuing tax reform coverage.