What's happening , why it's happening, and what lies ahead
With a Republican President, backed by a Republican-controlled House and Senate, the prospects for major tax reform are greater than they've been in decades. But it looks like we still have a ways to go before new tax law is enacted—and can expect to see many interesting twists and turns along the way.
Welcome to Tracking Tax Reform, a series of updates from KPMG LLP (KPMG) professionals about the road to tax reform and what it may mean to you.
With the Senate’s passage of an FY18 budget that includes reconciliation instructions and also includes $1.5 trillion in budgetary authority for tax reform, the wheels have been set in motion for Congress to enact at least a $1.5 trillion tax bill with only Republican votes.
While the September 27 release of the Unified Framework represents a step toward tax reform, it also represents a step away from the House Blueprint. Whether you thought the Blueprint was great policy or bad, the introduction of the Framework potentially forewarns a rough road ahead for comprehensive tax reform.