Top congressional Republicans and the White House are expected to release details of their tax reform framework on September 27. This framework will be used as a guidepost for impending legislation. The release will come just days after House Ways and Means Committee Republicans gathered for a tax reform retreat on September 24 and 25. On September 25, Ways and Means Chairman Kevin Brady, R-Tex., told reporters that a “unified tax reform framework” will be released on Wednesday.
The plan is expected to propose a drop in corporate rates down to 20 percent. Pass-through entities would have a special 25-percent tax rate, according to several reports. White House Press Secretary Sarah Huckabee Sanders confirmed in a September 25 press briefing that tax rate details would be disclosed in the forthcoming framework. However, she would not elaborate on specific numbers. “These details will include specific proposed rates for individuals, small businesses and corporations,” Sanders told reporters.
Meanwhile, President Trump is scheduled to deliver a speech on tax reform in Indiana on September 27. In his speech he will “discuss new details” on the framework for proposed tax cuts and reforms. “There are certain details that are finalized and the president will be announcing those on Wednesday,” Sanders said. “He will also discuss the elimination of loopholes that have rigged the current tax code in favor of the wealthy and well-connected,” she added.
By Jessica Jeane, Wolters Kluwer News Staff