Tax Tip Tuesday: Potential Major Tax Changes
This week we will again look at the potential for a major tax change for 2017.
Republican congressional leaders recently said that lawmakers plan to release a tax reform framework the week of September 25th. The “Big Six”—congressional and administration leaders on tax reform that include House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, White House adviser Gary Cohn, House Ways & Means Committee Chairman Kevin Brady (R-TX), and Senate Finance Committee Chairman Orrin Hatch (R-UT)—have been working for months to reach a consensus on tax reform.
Brady recently said, “We will release a consensus document with the core elements of big, bold tax reform the week we return from vacation, September 25th.”
He also stated, “Our timetable is still delivering this to the president's desk this year.” Brady has indicated that the budget resolution, which will serve as the vehicle for tax reform, is expected to be passed in mid-October.
However, consensus on major tax reform goals seems to remain elusive. On Thursday, Sept. 14, 2017, Hatch warned that the Big Six tax negotiators would not dictate the direction of expected tax reform legislation to his committee. In a defiant statement issued at the start of a tax reform hearing, Hatch said his committee would not serve as “anyone's rubber stamp” and said tax legislation would reflect the consensus views of committee members.
So the big question of whether we will see tax reform in 2107 is still a very resounding maybe. Stay tuned for more drama in the days and weeks to come!
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein
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