Josh snags a few minutes with PRG’s resident tax expert Liam Donovan for a quick, cursory discussion of the House’s freshly released tax bill, the Tax Cuts and Jobs Act. Josh and Liam cover the highlights of the bill, predictions on votes and potential controversy, next steps in the House, and what’s coming up in the Senate.
I spoke to Politico‘s Bernie Becker for his Morning Tax tipsheet about the conspicuous lack of detail in the tax bill so far:
It’s understandable why Brady and his crew would want to wait until the last possible moment to let K Street know about the potential trade-offs in tax reform — i.e., which of their tax breaks might be on the blocks. “The goal here was to show enough cards to keep the broader business community at the table as long as possible, get a budget done, and hope at the other end that the totality of the bill (and the underlying political imperative) is compelling enough to overcome any parochial offenses that will inevitably show up the text,” Liam Donovan, a lobbyist at Policy Resolution Group, told Morning Tax.
Read the full piece here.
Josh and Liam revisit the Friday Five format for this week’s episode, discussing tax reform and yesterday’s budget adoption by the House, the North American Free Trade Agreement (NAFTA) and talk of US renegotiations and/or withdrawal, Congressional retirements and Senators Corker and Flake, the state of the GOP, and the outlook for Midterm elections.