Things are Looking up for Tax Reform in 2017!

For everyone who has been paying attention to the transition of power in Washington DC, it is obvious that health care reform in the form of the repeal and replacement of the Affordable Care Act is the top priority for President-Elect Donald Trump and Republican leaders in Congress. Health care may be driving the discussion on the Hill, but tax reform is quietly gaining momentum and taking shape in our nation’s capital.

Last week, President-Elect Donald Trump sent his top advisors to meet with Congressional leaders to discuss how to proceed on tax reform in 2017, according to the Washington Post. Reince Priebus, Steve Bannon, Jared Kushner, Stephen Miller and Gary Cohn met with Speaker Ryan and his staff to delve into the specifics of the House GOP’s “Better Way” tax plan.  These are some of the main individuals that Trump relied on throughout his campaign and who will help shape his agenda in 2017, so it is encouraging to see that the new administration has already set its sights on tax reform.

Reports coming from the House Ways and Means Committee since the start of 2017 has been even more encouraging. Chairman Kevin Brady has been pushing for tax reform aggressively since the House Republicans released their “Better Way” tax plan. In nearly all of his public appearances, he has been touting the prospects for comprehensive tax reform in 2017.

Morning Consult reported that Brady has laid out an aggressive timeline for fixing our tax code with the agenda for the Ways and Means Committee set for an overhaul of the code this year. Their goal is to start making significant progress after Trump is sworn in. It is apparent that there are big things to come from Representative Brady and his Committee very soon.

While both sides of the aisle, along with factions within their own parties, still have many details to work out, the American people have sent a clear message that they want comprehensive reform as soon as possible. The U.S. Chamber of Commerce said it best that Congress should not get hung up on individual policies within reform, but should rather be judged by its overall impact on the economy. Simply put, if it is deemed to be pro-growth and strengthens our economy, our Representatives should get behind it.

To better our tax code and, in turn, the American economy and small businesses throughout the country, we need to simplify the process, lower rates across the board, and allow funds to be repatriated so that American companies can invest in America. Things are certainly looking up for tax reform in 2017 and we look forward to seeing how our Representatives plan on bettering the code for all.