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renegadebusdallas.com October 24, 2017


R Street statement supporting tax-reform developments

30 July 2017, 01:26 | Marta Robbins

Republican leaders, including House Speaker Paul Ryan and Treasury Secretary Steven Mnuchin, released a joint statement Thursday outlining principles that will guide an overhaul of the tax code, a key legislative priority that until now has taken a backseat to health care repeal efforts.

Ryan and Brady defended the BAT since its initial proposal, saying it would incentivize USA companies not to move factories overseas and instead to export more products.

And as critics have frequently pointed out, the Trump administration's-and the GOP's-tax agenda can not be separated from its goal of repealing Obamacare.

Ryan said that Republicans have more agreement on tax reform than on healthcare. The president of the Retail Industry Leaders Association said it was an "important victory" for businesses.

R Street Senior Fellow & University of Alabama professor Lars Powell, said; "research underscored the deep concern that, if not properly structured to exempt financial services transactions, the proposed tax could have caused serious harm to US and worldwide insurance and reinsurance markets". "On tax reform, we have that consensus". While the statement did not provide specifics on the proposed tax rates or the treatment of net business interest expense, it did note that the controversial border adjustment tax idea would not be pursued. Asked about any other concrete decisions the group had made in recent months, Brady demurred, citing unspecified "progress" toward a unified tax solution.

"I still think it's the way to go". Policymakers said that their plans would include a simplified tax code for families and businesses that would increase competitiveness with foreign businesses, allow for greater capital spending and address foreign taxation regimes.

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The border-adjustment proposal was estimated to raise about $1 trillion to help pay for lowering tax rates.

The high-level statement reiterated numerous principles outlined in the House Republican blueprint for tax reform released last summer, and the administration's tax reform principles released in April.

The Trump administration has set a goal of economic growth of 3 percent.

Ryan said he's sure that the moderates and conservatives in the party could come together and pass comprehensive tax reform without major ideological differences blocking action.

Marc Gerson, a tax lawyer at Miller & Chevalier, said without a border-adjusted tax, the question for lawmakers was now how low tax rates could realistically get.



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