Senators Still Confident About Tax Reform After Health Care Delay
Despite having to extend the period of time before they vote on any health care legislation, senators are stating they will still be able to get to tax reform, per a Morning Consult article. GOP leadership has also stated that this process will not be ‘secret,’ as was the drafting of the current health care bill. House GOP leaders still contend that tax reform will occur in 2017, while Senate leadership has previously stated it may take longer.
House Ways and Means Committee Announces Hearing on Tax Reform
In a press release Peter Roskam (R-IL), chairman of the House Ways and Means Subcommittee on Tax Policy, announced on Thursday, that “the Subcommittee will hold a hearing on how tax reform will help America’s small businesses grow and create new jobs. The hearing will take place on Thursday, July 13, in room 1100 of the Longworth House Office Building at 10:00 AM.”
This will be the first hearing since the Senate started pursuing health care in full, and may be used to either continue to push support for a border adjustment tax or to begin the slow shift away from the measure. A BAT would implement a tax on imported goods, while reducing taxes for goods manufactured in the United States that are then exported.
Biz Coalition Urges Senators to Keep Corporate Interest Deduction
The Businesses United for Interest and Loan Deductibility Coalition, a key partner with the Association for Corporate Growth in its efforts to maintain the deduction of interest paid on corporate debt, has submitted a letter in support of the essential provision of the tax code, highlighted in The Hill.
“The BUILD Coalition, whose members include businesses in the agriculture, manufacturing and telecommunications industries, said that if business interest can’t be deducted, companies’ taxable income would be overstated and the businesses would be overtaxed,” the news site reported.
Ben Marsico works on public policy issues for ACG.