Racing the Clock on Tax Reform

For the first time in 30 years the United States is in a prime position to realize a goal shared by nearly all Americans. Eighty-nine percent of voters polled in a recent Harvard-Harris poll said the country is in need of tax reform.  By updating tax laws written decades ago, Congress can unleash a new era of economic growth and productivity that will strengthen our capital markets and raise the standard of living of every American.

Congress and the Administration are poised to work together to modernize and simplify the U.S business and individual tax system. President Trump has outlined his goals and the ‘Big Six’ shared their framework – Unified Framework for Fixing Our Broken Tax Code – which would modernize the Internal Revenue Code.

“I have one date – 2017 – to deliver a proposal to the President’s desk,” said the Honorable Kevin Brady (R-TX) and Chairman of the House Ways and Means Committee at SIFMA’s Annual Meeting, the Capital Markets Conference.

House Ways and Means Chairman Kevin Brady (R-TX) outlines the GOPs tax reform strategy for SIFMA president and CEO Kenneth E. Bentsen, Jr. at SIFMA’s 2017 Annual Meeting.

Much work has been done to move forward with tax reform. The Senate passed a $4 million dollar budget blueprint, which the House voted and approved on Thursday, October 26, 2017. The passage of the 2018 budget clears the way to move forward with tax reform.

“It’s going to pass,” said Mick Mulvaney, Director, Office of Management and Budget during his session at the Capital Markets Conference. “Both sides agree on the major policy pieces and are just working out the details.” The policies outlined in the framework would help grow the U.S. economy and preserve our robust capital markets, while also making the U.S. a strong global competitor.

Mick Mulvaney, Director, Office of Management and Budget at SIFMA’s Annual Meeting, the Capital Markets Conference.

“I want to make sure Americans are better off after tax reform regardless of where they live,” said Brady. “We want Americans to save more and save earlier in their lives…”

Americans deserve to be able to save more for retirement. Americans deserve to be able to start their own business. All Americans deserve to be able to compete in a global marketplace. A reformed tax framework will provide Americans with the opportunities they so rightly deserve.

See Also:

SIFMA’s Views on Tax Reform

Project Invested: Brady Pledges Passage of “Big, Bold” Tax Reform by the End of the Year