The Perks of a “Rigged System”

I wrote a new piece about the ouroboros of cynicism that initially propelled and to this day protects President Trump from offenses that would have long since felled mere mortal politicians. I’ll send it over to Maggie for the pull quote:

Read the full piece here.

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Bracewell PRG Post-Election Analysis

My PRG colleagues and I break down the midterm results and what they mean for the policy agenda in the 116th Congress. These materials compliment a full morning-after webinar presentation from the team that can be found here.

CONTENTS

Overview
Energy
Environment
Infrastructure
Taxes
Trade Policy
Consumer Product Safety
Congressional Oversight
Appropriations
Financial Services

I authored the tax and financial services sections–click through for the full analysis.

TAXES: Trump Tax Returns, TCJA Oversight, and Repeal & Replace 2.0

By: Liam Donovan

The Tax Cuts and Jobs Act (2017) is here to stay, but that won’t stop ascendant House Democrats from seeking to repeal and replace the legislation. Meanwhile, oversight of the President’s tax returns could lead to partisan fireworks that color the rest of the agenda.

What Does This Mean For You?

Companies, industries, and the business community as a whole must be prepared to defend the considerable gains achieved in the Tax Cuts and Jobs Act—both before Congress and the American people. The prospect of immediate policy changes is mitigated for the time being by the GOP Senate majority and (at least) two more years of a Trump White House. Yet if the law is not broadly seen as popular or effective, retrenchment is just a matter of time. A 21 percent corporate tax rate is only as permanent as the political will to preserve it.

To read our full tax analysis, click here.


FINANCIAL SERVICES: A New Day for Democrats Spurs a Return to Dodd-Frank Priorities

By: Liam Donovan and Paul Maco

House Democrats shift the financial services agenda to aggressive oversight, pumping the brakes on the Trump administration’s deregulatory agenda.

What Does this Mean for You?

Large banks will find themselves the primary focus of increased scrutiny under a Financial Services Committee helmed by Rep. Waters. Nevertheless, the committee is also likely to focus on a suite of issues applicable to a far broader slice of corporate America than the financial services industry itself. Businesses should prepare for incoming scrutiny of corporate governance issues, including executive compensation; ESG practices; and composition of board membership. The two banking committees will also play an active role in any legislative push involving privacy, data security, and protection of consumer information, potentially affecting companies well outside the financial arena.

To read our full financial services analysis, click here.

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National Law Review: House Republicans Seek to Lock In, Expand Tax Cuts With “2.0”

My article in the latest Bracewell Tax Report was cross-posted in the National Law Review:

House Ways and Means Committee Chairman Kevin Brady (R-TX) last week released and ultimately approved a long-awaited package of legislation dubbed “Tax Reform 2.0.” The legislative text fleshes out the “listening session framework” put out by the Chairman shortly before the August recess. In concert with committee members and after discussions with rank and file House Republicans, the effort yielded three pieces of legislation: the Protecting Family and Small Business Tax Cuts Act, the Family Savings Act, and the American Innovation Act. The package was marked up in committee on Thursday, and advanced along party lines, setting up possible floor action for the end of the month.

Read the entire piece here.

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