The tax world is keeping a close watch on Capitol Hill this week as lawmakers and Treasury Secretary Steven Mnuchin will be speaking publicly about tax reform and President Donald Trump’s budget request.
Tax reporters Colleen Murphy, Kaustuv Basu, Laura Davison and newest team member Kat Lucero discuss what to expect on the Hill in the latest episode of the Talking Tax podcast.
House staffers and lawmakers are expecting a lively debate at the Ways and Means Committee’s second tax reform hearing May 23, this one about the border adjustment tax. Listen for what Republican committee members are asking. A tax lobbyist and a House aide said as many as seven of them are skeptical of the idea.
Trump’s budget request is expected to be light on tax policy details, but will outline funding for the Internal Revenue Service, which has faced a series of budget cuts in recent years. Commissioner John Koskinen has repeatedly said that Congress is underfunding the agency and that the IRS could do more if it had more auditors and better computer systems.
Mnuchin will appear before Ways and Means May 24 and before the Senate Finance Committee May 25 to discuss the administration’s economic priorities and funding requests. While there might not be tax policy details on paper in the budget request, we’ll be listening for hints about how the president’s priorities for tax reform are evolving.
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