There was news out of Washington this afternoon with regards to tax reform. The “Big Six” tax negotiators - - made up of House and Senate leaders, the Treasury Secretary and Chair of the National Economic Council released a statement on their progress. The link to the statement is https://www.whitehouse.gov/the-press-office/2017/07/27/joint-statement-tax-reform. The group declared the controversial Border Adjustability Tax or BAT “dead”. There will not be a push to move to a consumption-based tax regime. At this point, we expect the tax writing committees staff to begin moving forward to produce a bill. While the goal is to have something ready when Congress returns after Labor Day, some Ways and Means Members have said privately that legislative text might not be released until late September, given the need for Congress to deal with pressing issues of funding the government and raising the debt ceiling.
While the situation is still very fluid, we will keep you updated on any further developments as we learn about them.