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Ed McClellan

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Outlook for Tax Legislation

Vice President Biden campaigned on a number of tax proposals: Raise the corporate rate from 21% to 28% “on day one” Increase the Global Intangible Low Taxed Income rate from 10.5% to 21% Create a new corporate alternative minimum rate of 15% on financial statement income over $100 million Increase the top individual rate and … Continue Reading

Framework for Tax Reform

This morning, the Unified Framework on Tax Reform was released by Republican members of the House Ways & Means Committee, Senate Finance Committee, and the Trump Administration.  Some high level summaries and observations follow. Individual Rates Doubles the standard deduction to $24,000 for a married couple filing jointly and $12,000 for a single individual, thus … Continue Reading

FY17 Reconciliation Instructions Expire September 30.

Procedural questions over when a budget resolution’s reconciliation instructions become stale have swirled for years.  There were three options: the end of a fiscal year; until the next budget resolution overtakes it (and next budget resolution could certainly affirmatively preserve it); or  the end of a Congress.  The huge news out of the Senate today … Continue Reading

Trump Tax Reform Proposal

On April 26, 2017, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn introduced the Trump Administration’s tax reform proposal (the “Trump Proposal”) in a briefing. The proposal appears to borrow heavily from the tax reform plan put out by Mr. Trump during his presidential campaign with the significant exception that this reform … Continue Reading