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Making the US tax code great again…or something like that
Across the pond, the recent inauguration of Donald Trump as the US’s 45th president combined with Republicans maintaining control of both the House of Representatives and the Senate presents the possibility of perhaps the most significant US tax reform since the Reagan Tax Reform Act of 1986.
After marking the 30th anniversary of the 1986 Act and concluding one of the most contentious US elections in recent memory, President Trump is now working towards a forthcoming announcement to provide further details of his quote, phenomenal, tax plan, which he has said shall bring our jobs back to this country, big league.
Meanwhile, Congress continues to flesh out and debate its proposals for comprehensive tax reform. Although a number of tax reform proposals and conceptual ideas are circling in Congress, the House Republicans led by Speaker Paul Ryan (R-Wisconsin) have been working since early 2016 to prepare to work with the new administration on such reform as proposed by the House Committee on ways and means in its a better way, our vision for a confident America (the Blueprint).
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With the new Trump presidency and the Republicans holding a majority in both houses of Congress (241 to 194 seats in the House and 52 to 48 seats in the Senate), going into 2017 the likelihood of significant US tax reform seems as close to becoming a reality since the Reagan era. Given the considerable effort already made by the House Committee on Ways and Means in its Blueprint for tax reform it is likely that this will serve as the foundation for any such reform, with input from President Trump.