Tags: IRS | Trump Administration | tax | reform | unlikely | no plan | presented

Report: Experts Don't Expect Tax Reform

Report: Experts Don't Expect Tax Reform
(Dominick Reuter/Getty Images)

By    |   Monday, 04 September 2017 08:39 PM

Experts on Wall Street and K Street don't hold out much hope of a tax reform package being passed anytime soon, The Hill reports.

The publication quoted one veteran tax lobbyist as putting the chances of tax code rewrite like the one in 1986 as "zero." Another said the odds are "less than one in four," mainly because of a busy agenda and the fact that the Trump administration hasn't presented a detailed plan as Ronald Reagan's White House did in 1985.

"I don’t think markets are expecting anything. There was some expectation soon after the election but I think all of that has been wrung out of market expectation," Mark Zandi of Moody’s Analytics told The Hill.

Among the reasons for pessimism, according to The Hill, is the fact that Republicans have had no success passing any bipartisan legislation and they've made no serious efforts to bring in Democrats on a tax reform plan.

Then there's the issue of getting members to sign on once specifics are added. Republicans from high-tax states such as New York, for instance, aren't likely to support the White House idea to remove the deduction for state and local taxes paid.

While all-out tax reform is not expected, some do believe the president and Congress will put forth some sort of tax cut that would allow businesses to fully deduct capital expenses and extend expired tax breaks. Such a plan could hurt Republicans in the midterms, however.

But Trump's desire to get any sort of legislative victory could in itself be a positive, The Hill notes, adding that House Speaker Paul Ryan's longtime goal of passing tax reform will ensure he will do whatever possible to see it passed.

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Experts on Wall Street and K Street don't hold out much hope of a tax reform package being passed anytime soon, The Hill reports.The publication quoted one veteran tax lobbyist as putting the chances of tax code rewrite like the one in 1986 as "zero." Another said the odds...
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Monday, 04 September 2017 08:39 PM
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