White House maps ‘aggressive’ timeline to pass tax bill – Connecticut News

White House maps ‘aggressive’ timeline to pass tax bill – Connecticut News

White House officials outlined what one of them called an “aggressive” timetable Monday for getting a tax overhaul in place before the end of the year.

A top White House legislative aide said the plan for a tax code rewrite is to start hearings and a markup of the bill after Labor Day so a version can get through the House in October and the Senate in November. He also said a 2018 budget resolution — the first step to get a tax bill passed without Democratic support — would be agreed upon in September or October.

“So that, I think, is an aggressive schedule, but that is our timetable,” White House legislative affairs chief Marc Short said at a tax event in Washington sponsored by Americans for Prosperity, a group backed by billionaire industrialists Charles and David Koch.

National Economic Council Director Gary Cohn repeated the message, saying before a listening session with real estate industry members that the administration and congressional lawmakers were in a “heavy drive toward tax reform.” Treasury Secretary Steven Mnuchin said at the AFP event that the plan was to have a tax bill “start going through the normal process” beginning on Sept. 1.

The White House has said it wants to lower corporate and individual tax rates, eliminate deductions and simplify the code. Despite the officials’ assurances on timing, many obstacles and unanswered questions remain about how to offset cutting tax rates with new revenue so the tax changes can be permanent under congressional budget rules.

Short said that the White House probably wouldn’t be pushing for so-called full expensing, which would allow companies to fully deduct their…

click here to read more.

Share this post

Post Comment