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Here is your daily round-up of news and analysis to keep you informed as tax reform works its way through Congress.
In the news
The Hill: “Tax bill clears Senate Budget Committee”
The Senate Budget Committee on Tuesday advanced the chamber's GOP tax bill.
The measure was approved by a party-line vote of 12-11, with two key Republicans voting for the measure after previously expressing concerns.
The vote sends the measure to the Senate floor, where the bill could start to be considered as early as Wednesday. Overhauling the tax code is a top priority for Republicans and they are hoping to get legislation to President Trump's desk by Christmas.
Trump visited the Senate Republicans' lunch just before the vote in an effort to rally lawmakers on the bill.
Cincinnati.com. Jon R. Moeller, Vice Chairman and Chief Financial Officer, Procter & Gamble: “Tax reform supports US jobs and economic growth”
At P&G, we have long believed that U.S. tax reform is crucial for both our company and the U.S. economy. Recent congressional action toward reforming the United States’ outdated tax code with a competitive corporate rate and a modern tax system more aligned with the rest of the world is a critical step forward. While there is still work to do as tax reform goes through the legislative process in the coming weeks, this opportunity to make American businesses, workers and the U.S. economy more competitive is one that we cannot afford to miss.
Arizona Capitol Times. Michael Varney, President and CEO, Tucson Metro Chamber of Commerce: “Disdain for tax system reason enough to cheer on reformers”
When it comes to modernizing and simplifying our nation’s archaic tax codes and reducing tax burdens on citizens’ businesses, it seems that “perfect” may be getting in the way of “very good.” This is a common theme in Washington and one of the reasons why most of us see Congress as never getting anything done. But cutting taxes and simplifying the code also seems like a no-brainer to those of us who walk Main Street in cities and towns across our country. This plan will reduce taxes on employers — and that helps everyone.
Investors Business Daily: “The Latest Tax Cut Lie: The Senate Bill Will Hurt The Poor”
The Senate tax bill would reduce income taxes for people at every income level — even those who don't pay taxes. That's the official conclusion of the Joint Committee on Taxation. So why are Monday's headlines screaming that the tax cuts would make the poor much worse off?
Forbes.com. Patrick Gleason, Americans for Tax Reform: “Why Wisconsin Senator Ron Johnson Should Vote Yes On Tax Reform”
Two weeks after the U.S. House of Representatives approved their plan, the Senate is set to vote this week on a desperately needed overhaul of the federal tax code. If all goes according to plan, a tax reform bill that reduces income tax rates for individuals, families, and employers will be sent to President Donald Trump’s desk by Christmas. One thing that could derail that is if Senator Ron Johnson (R-Wis.) votes against the bill this week, as he is reportedly contemplating.
A big reason why there is a president in the Oval Office right now who wants to do tax reform is because Wisconsin voters awarded the state’s 10 electoral votes to Donald Trump last November. For years Speaker Paul Ryan has been fine-tuning the tax reform that recently passed the House of Representatives. Wisconsin Gov. Scott Walker has been one of the nation’s top tax cutters, enacting billions in state tax relief over the last seven years, and is a vocal proponent of federal lawmakers now doing their part with tax reform. As such, it would be unconscionable if a U.S. Senator representing the Badger State were to be the one to derail tax reform.