Tax Reform Phase 2: Pending Reality Or Political Posturing?
Less than five months ago, Republican leaders put the finishing touches on the Tax Cuts and Jobs Act, the most comprehensive overhaul of the tax law in 31 years. The legislation bestowed nearly $1.5 trillion in tax cuts upon corporations, small business owners, and workers over the next decade, and represents what is, to date, the signature victory of President Trump’s administration.
With mid-term elections just around the corner and rumblings of a potential “blue wave” growing louder, however, Republicans aren’t resting on their laurels. Justlast week, Kevin Brady, Chairman of the House Ways and Means Committee, told reporters that the House is itching to have a go at “Tax Reform Phase 2,” with the aim of making the recently-enacted individual tax cuts permanent and the tax law, as a whole, more “family friendly.”
Wait…I’m an individual! I’m part of a family! This sounds wonderful!
Well, I’m not getting particularly excited about Brady’s promise, and neither should you, because unfortunately, it is nothing more than political posturing. Neither Brady nor anyone else in Congress, for that matter, really believes it will happen. Why not?
Authored by Tony Nitti, Withum Partner and writer for Forbes.com.