Draft legislation of Republican’s much-anticipated tax reform bill is almost ready, and is expected to be released this Thursday. Party leaders, and the White House are hoping to enact Trump’s tax reform plan before the end of the year.
Tax policy experts, industry lobbyists and think tank academics are all eager to see the details of the plan, and each has different hopes for what will be in the bill. “Things are very intense right now,” said Rosemary Becchi of the law firm McGuire Woods, who advises clients on tax issues. “The [congressional] staff is working day in and day out drafting a bill and developing policy.”
Finalization of the tax reform bill is expected to dominate this week on Capitol Hill, as Trump meets with Senate Republicans to shore up support and sell the key provisions of his ideas. In the House of Representatives, the powerful Ways and Means Committee is expected to adopt a budget resolution and introduce the first round of amendments to the coming legislation.
Key players are also continuing their efforts to make the case for tax reform outside the Beltway. Ivanka Trump, a White House adviser, has been promoting the GOP’s effort to expand the pro-family child tax credit in town hall meetings across the nation.
Financial industry experts are also excited about what they expect to see in the tax reform legislation, “We feel heartened that the president is recognizing the importance of preserving the existing structure for tax-advantaged retirement savings,” said Derek Dorn, Vice President for Public Policy at TIAA.
However, not everyone is as hopefull, “these are uncharted waters,” said a Republican financial services lobbyist. “We’ve never had a president with a Twitter account, or one that uses it in the same way, to announce policy. It changes things.”
“I think there is great uncertainty and, beyond that, trepidation that the president could undo what is going to be a very delicate balancing act to get Republicans on board,” he further added.