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Reading between the lines on tax reform

Aug 18, 2017
From the Tax Governance Institute

Reading between the lines on tax reform

By Thomas A. Stout, Jr., Director, Washington National Tax, KPMG LLP

Read more Tracking Tax Reform blog posts

Here's what's on our minds this week:

Reading between the lines, just what does the two-page “Big Six” Joint Statement on tax reform released July 27 say about the state of reform? Not a lot.

The Big Six boldly advocate a “simpler, fairer” tax code and “lower rates.” But they say nothing about what rates, whether or how to offset the cost, what to do about base erosion, and how to simplify the code and make it fairer. Despite this silence and the many obstacles to tax reform, the desire to just do something to reduce rates may triumph, even if that something is temporary and even if it loses revenue.

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This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG LLP.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.