Federal Tax Reform

Senate Majority Leader Mitch McConnell, House Speaker Paul Ryan, Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch, and House Ways and Means Committee Chairman Kevin Brady have released a statement announcing a coordinated effort among the House, Senate and the Administration to move comprehensive tax reform legislation this fall.   We have been hearing that a so-called “unified plan” would be unveiled sometime after the August Congressional recess and this formal statement set the marker for those plans. The primary driver behind tax reform efforts is the current corporate tax rate, which is the highest among nations with which the U.S. trades and competes.