January 30, 2023

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January 27, 2023

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Trump and Treasury Turn to Tax Reform

Legislative Activity

How About That Hearing? The Tax Reform Saga Continues

After speculation by some that the House Ways and  Means Committee would hold the first hearing on its tax reform proposal this week, no such hearing was ultimately scheduled. That said, tax-writers are continuing to work to push forward their tax reform efforts.

This Week’s Hearings:

  • On Wednesday, April 26, the House Ways and Means Subcommittee on Social Security has scheduled a hearing titled “Stopping Disability Fraud: Risk, Prevention, and Detection.”

  • On Wednesday, April 26, the House Ways and Means Committee has scheduled a hearing titled “Hearing on the 2017 Tax Filing Season.”

  • On Wednesday, April 26, the House Oversight and Government Reform Subcommittee on Government Operations has scheduled a hearing titled “Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act.”

Regulatory Activity

Treasury Promises Tax Reform Details This Week, Begins Review of Tax Regulations

The Trump Administration has promised to reveal details about its tax reform plan as early as Wednesday of this week – a proposal that will include “massive tax cuts” – cuts President Trump suggested will be “bigger [] than any tax cut ever.” This announcements follows President Trump’s signing of an executive order last week requiring the Treasury Department to review “all significant 2016 tax regulations” – including rules on corporate inversions and earnings stripping – and recommend specific action going forward. According to Treasury Secretary Steven Mnuchin, Treasury is “going to go through and look at every single significant regulation” and recommend modifying or repealing rules that are too burdensome or complex. Pursuant to the executive order, Treasury is required to recommend action in a report due in 150 days.

© Copyright 2023 Squire Patton Boggs (US) LLPNational Law Review, Volume VII, Number 114

About this Author

Brandon Roman, Corporate Attorney, Squire Patton Boggs Law Firm

Brandon Román advises domestic and international clients on a range of legal, legislative, and regulatory issues. Mr. Román helps clients develop comprehensive strategies to address legislative and regulatory interests as well as legal concerns. His work includes identifying client needs and helping them navigate the legal, legislative, and regulatory landscape, focusing primarily on government investigations, financial services and products, tax, and real estate.