Daily Tax Update - May 18, 2017: Ways and Means Committee Holds Hearing on Tax Reform

Ways and Means Committee Holds Hearing on Tax Reform:  The House Ways and Means Committee held a hearing today on tax reform, economic growth, and job creation. In his opening remarks, Chairman Kevin Brady (R-TX) reiterated his position that comprehensive reform is needed to stimulate the US economy. The committee also heard from several corporate executives, who argued that tax reform would generate jobs and economic growth. This hearing was the first in a series of Ways and Means hearings on tax reform. The next one, scheduled for May 23, will focus on the controversial border adjustments provision in the GOP blueprint.

Secretary Mnuchin Testifies Before Senate Banking, Housing, and Urban Affairs Committee:  Today, Secretary of the Treasury Steve Mnuchin testified before Senate Committee on Banking, Housing, and Urban Affairs. In his remarks, Secretary Mnuchin stated that the Treasury was focused on implementing tax reform for the middle class, providing regulatory relief for community banks, housing finance reform, and financial sanctions to combat terrorist activities.

Senate Finance Committee to Hold Hearing on Treasury Budget:  Today, Senate Finance Committee Chairman Orrin Hatch (R-Utah) announced the committee will hold a May 25 hearing to examine the White House’s budget request for the Treasury Department and current proposals for tax reform.

IRS Announces New Members of the Tax Exempt and Government Entities Advisory Committee:  Today, the IRS announced the appointment of three new members to the Advisory Committee on Tax Exempt and Government Entities. The new members are:

  • Michael Engle, a CPA with extensive experience working with exempt organizations and governmental entities
  • Andrew Lipkin, senior tax counsel for New York City
  • Jean Swift, a CPA and treasurer of the first Mashantucket Pequot Tribal Council