Tax Blog

Hearing on Tax Reform Set

Roman Basi recently gave a keynote speech in Texas regarding the potential tax reforms which are part of the House Ways and Means tax policy paper. The House Ways and Means paper describes issues with the current system and fixes for the issues. Among them are simplification for families and individuals, homeownership, charitable giving, and job growth.

The House of Representatives has now issued a hearing date set for May 18, 2017 starting at 10am EST. The earliest a bill could come out is June.

Editor’s Comment: The last bill they produced, the American Health Care Act, we all know is very unpopular in Congress, the Senate, and the public as well. This issue is likely to be another divisive issue for the House. Anything done by the House Republicans will be seen as a tax cut for the high income earners.

While the paper is an attempt at a better tax system, the final Act will likely look much different after it is done in the Senate. Unlike the AHCA, this resulting bill will likely pass in some form and become law.

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