Trump and Treasury Turn to Tax Reform
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.”
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.