With Donald Trump firmly in office as the U.S. president and a Republican majority in Congress, it’s widely expected that 2017 will bring significant tax reform.
The Congressional Research Service (CRS) recently published a report highlighting several considerations that lawmakers may take into account in tax reform discussions.
Although tax reform often seems like a moving target, congressional Republicans and President Trump have each set out a number of ideas about how to modify the U.S. international corporate system.
Reports indicate that the President and congressional Republicans have begun tax reform discussions. However, what will ultimately be introduced as proposed laws remains to be seen. (more…)
By Tony Dai, Senior Tax Manager
ASL Technology Group
The combination of a Republican president and Republican majorities in both the House and Senate significantly increases the prospects for enactment of comprehensive tax reform, including legislation to repeal the Affordable Care Act (commonly known as ObamaCare). Below is a chart comparing the current law to the various proposals.
Overview of various proposals: (more…)
On June 24th, Ways and Committee Chairman Brady released a blueprint for tax reform labeled as “A Better Way for Tax Reform.” The agenda is a result of a committee formed to study and develop policy recommendations under Speaker Ryan’s direction to create new jobs, grow the economy, raise wages by reducing tax rates, and to make the code simpler and fairer.
The result is a blueprint of the current House’s view of tax reform. The intent of the blueprint is to be ready for legislative action in 2017. Key provisions of the reform blueprint include: (more…)
It is my pleasure to introduce guest blogger Annette Nellen, CPA, Esq. to you. She is a professor at San Jose State University and Director of their MS Taxation Program, where I earned my MS in Taxation. I hope you enjoy her post on Tax Reform: For the past two years, there has been much talk and discussion in Washington about tax reform. The talk tends to be general, such as calling for elimination of “loopholes” without mentioning any in particular. Discussions, such as hearings in the House Ways and Means and Senate Finance Committees, tend to focus more on trying to uncover the problems with our current tax system, rather than crafting proposals to improve the system. At some point, likely after the November election…