This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.
For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
By Laura Davison and Colleen Murphy
The group of congressional leaders and White House officials known as the Big Six released the framework of tax legislation Republicans hope to pass this year.
The framework is the most detailed seen this year but leaves many decisions up to the House Ways and Means and Senate Finance committees, including setting the top individual rate and implementing base erosion measures for multinational corporations. The document also gives a nod to corporate integration, a plan favored by Senate Finance Chairman Orrin G. Hatch (R-Utah), saying the committees could consider methods to reduce double taxation on corporations.
Republicans have said they plan to move legislation quickly through the committee process and passage on the House and Senate floors—a heavy lift, as Republicans must make tough calls about what tax breaks to eliminate to pay for lower rates. Deciding whether a 20 percent corporate rate must be phased in over time, as well as what provisions can be permanent, will be up to the committees, Ways and Means Chairman Kevin Brady (R-Texas) said Sept. 27.
“There is much more negotiating to do,” John P. Gimigliano, principal-in-charge of federal legislative and regulatory services at KPMG LLP, told Bloomberg BNA. “At some point this will need to be turned into a bill that will be a thousand or thousands of pages.”
Republicans will largely be negotiating with themselves because they won’t need Democratic votes to pass the bill. Democrats were quick to criticize the tax framework, saying it didn’t do enough to boost the middle class.
“Despite the Republicans’ claims that their tax plan is all about the middle-class, it is instead a poorly disguised tax cut for the rich,” Ways and Means ranking member Richard E. Neal (D-Mass.) said at a press event.
Hatch and third-ranking Senate Republican John Thune (S.D.) called for Democratic support at a Sept. 27 news conference following a GOP member retreat.
To contact the reporters on this story: Laura Davison in Washington at lDavison@bna.com, Colleen Murphy in Washington at cmurphy@bna.com
To contact the editor responsible for this story: Meg Shreve at mshreve@bna.com
Bloomberg BNA's special report on the Republican tax plan is at http://src.bna.com/sUK.
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to books@bna.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to research@bna.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)