On June 24, 2016, the House Republicans released their “A Better Way” blueprint for tax reform. Obviously as part of an election strategy. On November 9, 2016, with Republican victories all around, I thought there would be fast track activity to draft legislative language to be released early in the 115th Congress. We haven’t seen any legislative language yet although I suspect some exists. Read More
For the information of our members, and per your request, I have reproduced a copy of a House Ways and Means Committee press release that outlines the proposal of the House Republicans in some detail in TaxConnections Tax Blogs. At this point in time, I don’t know how many Republican Members of Ways and Means and/or of the House will support that proposal until details of the President’s tax proposal is announced and studied.
Over the past few weeks, I’ve had numerous clients ask me about how they might be impacted by the border adjustment tax. In fact, so many have expressed concern that they’re already seeking advice on how to avoid being impacted, even though nothing has been enacted into law. For those of you whom are unfamiliar with the subject, the border adjustment tax is currently a proposal, not law. The idea is derived from the House Republican’s Ways and Means Committee tax reform blueprint, “A Better Way”.[i]
On August 24, 2016, the House Republican’s released the last part of their six-part vision/plan known as “A Better Way.” That part deals with tax reform. The plan offers some significant changes including moving business taxation to a consumption tax model at low rates (20% for corporations and a maximum of 25% for flow-throughs).
The House Republicans have proposed their updates to the US tax plan, titled A Better Way. Looking at the basics, it shares many similarities with that of Donald Trump’s plan. The plan takes much from the idea that the US tax system is too complex and broken. While having the backing of the Republican Party, House Democratic leader Nancy Pelosi and AFL-CIO have openly spoken against it.