Now that repeal and replace legislation of the Affordable Care Act (ACA) has cleared the House Ways and Means Committee, questions are emerging about the timing for comprehensive tax reform.
While the Trump Administration and Ways and Means Committee Chairman Kevin Brady (R-TX) insist that they are on track to deliver tax reform legislation later this spring, Senate Republicans appear more doubtful that a tax reform package will be ready for passage by the end of summer.
Citing the ongoing debate over ACA repeal and other legislative realities, Senate Finance Committee Chairman Orrin Hatch (R-UT) would not commit to an aggressive timeline for tax reform efforts to be completed. Senate Majority Leader Mitch McConnell (R-KY) has also been reluctant to discuss tax reform timing. Some Republican leaders, including Senate Republican Conference Chairman John Thune (R-SD) have indicated that the complexity of the schedule and issues before the Senate may push tax reform debates into next year, even if reconciliation is used as expected as a vehicle for reform.
For his part, Brady says that the Ways and Means Committee is continuing to work to “improve” its yet to be made public tax reform legislative draft, further indicating that House and Senate leaders may eventually proceed on parallel tracks with respect to reform efforts.
Source: BNA Daily Tax Report
Jamie Tucker is the director, public policy strategy and operations at Independent Sector.