By Jamie Tucker
The White House said March 30 that it is in the beginning stages of its plan to overhaul the tax code, noting that the timeline for a tax code rewrite could take several months as the Administration seeks input from “lots of people” with different points of view.
In the wake of a failed effort to repeal and replace the Affordable Care Act, aides to President Trump have made it clear that they believe the Administration will be “driving the train on tax reform.” The tax reform push may reportedly include a joint effort to move forward with the president’s $1 trillion infrastructure plan. The infrastructure plan would depend on both private and public money, although a formal breakdown of the funding sources has yet to be specified.
In Congress, House Ways and Means Committee Chairman Kevin Brady (R-TX) has promised that Committee Republicans will release a comprehensive tax reform proposal based on the June 2016 House tax reform blueprint. Due to ongoing differences with the Administration and the Senate on the corporate side of the overhaul plan, Ways and Means Republicans are reportedly considering changes to key provisions, particularly those related to proposed import taxes, to help win broader party support.
Republican leaders have suggested that legislation may be ready for a vote in the House by August, although a crowded schedule and increased pressure in the wake of the failure on health care reform will likely move this debate deeper into the fall.