Dec 14, 2017 - 10:30am

Tax Reform Debate Update: 12/14/2017

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The Internal Revenue Service headquarters in Washington, D.C.
The Internal Revenue Service headquarters in Washington, D.C.

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

Wall Street Journal: “House, Senate Republicans Reach Deal on Final Tax Bill

Full details of what is likely to be a $1.4 trillion tax cut over a decade will be released this week. If the House and Senate both pass the measure in votes that could come next week, President Donald Trump could sign it into law before Christmas.

“We’ve got a pretty good deal,” Senate Finance Committee Chairman Orrin Hatch (R., Utah) told reporters in the Capitol on Wednesday.

Washington Examiner: “Senate Republicans will not delay tax reform vote for Doug Jones

Senate Republicans will vote on the tax reform bill next week and will not delay consideration until Senator-elect Doug Jones is seated in the coming weeks.

Republicans will stick to their plan to clear tax reform bill before adjourning at the end of next week, according to a Capitol Hill source with knowledge of the plan.

From the U.S. Chamber

Neil Bradley: "Congress is About to Make Tax Reform History"

Congress is on the cusp of historic pro-growth tax reform that will make America more competitive and encourage investment here at home.  

You may be wondering, what’s in the legislation? While we won’t know all the specifics of the final bill until it’s released by lawmakers later this week, what we do know all points to very good news for businesses of all sizes and those who they employ.

J.D. Foster: “Congress Needs to Finish Strong on Tax Reform

Some days ago, a business news program guest offered the following poser regarding Congress reducing business tax rates: I would ask the question to the Republican leaders, what insight, what experience do they have, what evidence do they have, that the reduction in taxes for all these corporations are going to result in job growth, higher wages, or an opportunity for their people to grow. Show me the evidence.

Fair question. The simplest evidence is the obvious observation that prices matter. The real pro-growth aspects of tax reform do not follow from tax cuts in the bill, but the reforms - the changes in incentives or more specifically the reduction in the distortion to incentives imposed by taxation.

Tell Congress: The time for tax reform is now.

 
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