
Tax Reform 2.0 Framework Released
August 1, 2018 2:46 pmLast week, the House Ways and Means Committee released its long-awaited Tax Reform 2.0 framework which would update and make permanent certain provisions of the Tax Cuts and Jobs Act.
Last week, the House Ways and Means Committee released its long-awaited Tax Reform 2.0 framework which would update and make permanent certain provisions of the Tax Cuts and Jobs Act.
This week, two House committees will hold hearings on two key issues that could greatly impact small business and entrepreneurship: the joint-employer rule and broad tax reform. ritical importance to America's small businesses. On Wednesday, July 12, the House Committee on Education and the Workforce will discuss the expanded definition of joint employer under federal labor laws and how it could hamper entrepreneurship. Then on Thursday, the Ways and Means Tax Policy Subcommittee will discuss how tax reform could ease small-business ownership.
Last week, Rep. Devin Nunes introduced a bill to change business taxes into a cash-flow tax, and cap corporate and pass-through rates at 29 and 25 percent, respectively.
Yesterday, (USTR) Michael Froman testified before the Senate Committee on Finance and the House Ways and Means Committee on the importance of Trade Promotion Authority renewal.
While the incoming Republican Congress is likely to make tax reform a priority--the lame duck session has a lengthy to-do list when it comes to spending and taxes.
Negotiations behind the scenes continue as leaders in both the Senate and House work on a number of bills to address--to varying degrees--the tax extenders, including several business provisions such as Section 179 expensing and the research tax credit. On May 13, the Senate attempted to consider the extenders package, however, the measure was stalled because Senate Majority Leader Harry Reid (D-Nev.) and Republicans were locked in a dispute over whether they would be able to offer amendments to the legislation. Since Reid invoked a procedural move restricting senators from offering amendments on the floor, the minority in turn blocked the procedural motion by a vote of 53-40 that would have allowed the bill to move forward—60 votes were required for passage. Meanwhile, on the House side, the Ways and Means Committee approved six additional bills to make several temporary tax credits permanent on May 29. The committee has now advanced 12 bills making tax extenders permanent, in contrast to the single package put forward by the Senate.
Yesterday, the House Ways and Means Committee held a markup of six bipartisan bills that would make several business extenders permanent, including the Research & Experimentation tax credit and Section 179 Business Expensing.
Late last week, House Ways and Means Chairman Dave Camp (R-Mich.) released his much-anticipated tax reform draft which would lower corporate and individual tax rates, reform U.S. international tax rules and aims to simplify the tax code--a positive first step toward broad reform. Similar to Camp’s previous discussion drafts that he unveiled in 2011 and 2013, this latest draft is not an introduced bill, but it does contain legislative language. Although Congress faces significant election-year challenges in enacting tax reform legislation, Camp plans to work this year to gain support from lawmakers on both sides of the aisle for a comprehensive overhaul of the tax code.
Today, the House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing on the small business and pass-through entity tax reform discussion draft that was released by the committee on March 12.
Yesterday, House Ways and Means Chairman Dave Camp (R-Mich.) introduced a bill that would extend the 2001 and 2003 tax cuts for an additional year as part of his three-step approach to pass and enact comprehensive tax reform in 2013.