House Republicans Accelerate Tax Reform Bill Efforts

As reported by Reuters, the House Republican tax chief said that Republicans in the U.S. House of Representatives are "accelerating efforts to craft a sweeping tax reform bill for 2017 and looking at ways to smooth the transition to a new tax system for some businesses." Republicans on the House tax committee "met in a special recess session to work on a reform bill based on an election campaign blueprint that would cut the corporate tax rate from 35 percent to 20 percent and end taxation of foreign profits for U.S. multinational corporations." House Ways and Means Chairman Rep. Kevin Brady (R-TX) is quoted saying, "We’re meeting here to take the broad outlines of our blueprint, begin filling in the specific provisions (and) identifying a path forward."

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