At the last tax reform event, the National Association of Manufacturers (NAM) 2017 Manufacturing Summit, Speaker Paul Ryan promised to deliver permanent tax reform in 2017. He called attention to the fact Congressional leadership has been given a once-in-a-generation opportunity to complete tax reform.
Speaker Ryan called for the three things business owners need to see in a tax reform plan: a simplified tax code, that’s loophole free, and sets a fair business rate for all businesses to remain competitive. Most recently, the Speakers office released a video in hopes to motivate legislators, calling to overhaul the nation’s tax code, once and for all.
With pressure growing both on the Hill and back in their districts at home, Representatives should be more dedicated to both committing to a timeline for tax reform and producing legislation. However, even though they have apparently been meeting regularly to discuss tax reform, nothing is has been accomplished.
Reports have recently been released that the White House hopes to have the plan for tax reform legislation “locked in place” before the August recess. Although this is fantastic news for small businesses, it seems as if the White House has been expressing a bit more optimism about the timeline than congressional leaders. Congress refuses to commit to a timeline and their days to enact policy before the end of the year are dwindling.
On Thursday, July 13, the House Ways and Means Committee is holding its second hearing on tax reform. We are hopeful this hearing will produce productive results and a commitment to a timeline for passing tax reform legislation.
Let us not forget, Republicans campaigned on reforming the tax code and will need a legislative win if they plan to maintain control in the next election cycle. Passing tax reform is essential to grow the economy, create jobs, and raise wages. American business owners can only remain so tolerant until their patience runs out.