U.S Tax Overhaul Framework Coming Sept 25 Week

Kevin Brady, the chief House tax writer, told the chamber’s Republicans that White House advisers and congressional leaders working on a tax plan will release a framework the week of Sept. 25.

The document will include “core elements of tax reform” agreed on by the so-called Big Six, Brady said Wednesday. White House Budget Director Mick Mulvaney said the target date is Sept. 25. The group jointly released a two-page statement in July that outlined a broad set of agreed-upon tax principles. Specifics, including such basic matters as where to set the corporate tax rate and how to set up individual tax brackets, have yet to emerge.

Brady thanked members during a closed-door meeting Wednesday for their hard work on a tax overhaul and emphasized that it’s more important than ever for the GOP that it delivers on its tax promises, according to a person familiar with the meeting who asked not to be named. The Texas Republican told members that following the tax plan release, the focus will turn to the House and Senate completing the budget process by mid-October, the person said. Brady added that the budget is necessary for a tax revamp.

House Budget Chairwoman Diane Black of Tennessee said Wednesday it’s unlikely that the budget resolution will reach the House floor this month. Republicans have to agree on a 2018 budget resolution — a necessary step to unlock the procedural maneuver they intend to use to pass the tax plan with 50 votes in the Senate.

Members of the conservative House Freedom Caucus have said they won’t vote to pass a budget out of the House until they get more details on tax changes. Black said the outline coming from the Big Six should help to assuage the concerns of those members.

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell