A couple of weeks ago, I released a blog scratching the surface of President Trump’s tax reform ideas. Since that blog, President Trump has been trying to rally the troops and urging Capitol Hill to “get moving” on this arduous task of tax reform. In a tweet last Wednesday, President Trump reached out to the American people saying, “With Irma and Harvey devastation, Tax Cuts and Tax Reform is needed more than ever before. Go Congress, go!”.
Well, it finally looks like things are going somewhere. According to House Ways and Means Committee Chairman, Kevin Brady, a consensus document containing an outline of the most recent core elements of the new tax plan to date will be released Monday, September 25, 2017. This outline represents the consensus of the two tax writing committees in Congress—the House Ways and Means Committee and the Senate Finance Committee. Of course, this is only the beginning, but at least it’s a start.
Once this outline is released, members of both parties will have to “write in the details”. This of course sounds easy, but in Washington, everyone seems to have a different idea of the “right way to do things” which can cause some delays to say the least. Although there are no concrete details as of this moment, we have heard some talk from Republican lawmakers of eliminating the estate and alternative minimum tax, lowering corporate tax rates, and lowering the capital gains tax. This Wednesday, President Trump is scheduled to meet with members of the House’s “Problem Solving Caucus” where tax reform will be the topic of the day.
Tax reform has been quite the talking point since President Trump’s presidential campaign. The overall consensus on approval has been mixed. Although the President has such radical reform ideas, he’s going to need the support of Congress. Only time will tell what will be accomplished and how quickly. Stay tuned to the Wealth Builders blog for the very latest regarding income tax reform and its effect on you!
Mui, Ylan, and Kevin Breuninger. “Paul Ryan Says Tax Plan Outline Backed by Tax Writing Committees Will Be Released September 25.” CNBC, 13 Sept. 2017, www.cnbc.com/2017/09/13/house-speaker-paul-ryan-expected-to-deliver–weekly-address.html. Accessed 18 Sept. 2017.
Sherfinski, David. “Republican Leaders Say ‘Consensus’ Tax Reform Outline to be Released Week of September 25.” The Washington Times, 13 Sept. 2017, www.washintontimes.com/news/2017/sep/13/kevin-brady-consensus-tax-reform-outline-be-releas/. Accessed 18 Sept. 2017.