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Tax Reform Framework Announced

Jul 28, 2017

On July 27, 2017, the group known in Washington, DC as the “Big Six”: House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX) issued a joint statement on tax reform.

Recognizing that the chance to pass tax reform is a once in a generation opportunity, the group agreed that they were “united in the belief that the single most important action we can take to grow our economy and help the middle class get ahead is to fix our broken tax code for families, small business, and American job creators competing at home and around the globe.” The group stated that they will put together a plan that will lower tax rates for small businesses so they can compete with larger ones, and lower rates for all American businesses so they can compete with foreign ones. The goal is a plan that reduces tax rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas. Most notably, they clearly stated that a border adjustment tax is now off the table. 

NECA will continue to advocate for comprehensive tax reform that simplifies the system, lowers rates equally for all corporations, and repeals the estate tax and the alternative minimum tax.