Daily Tax Update - May 25, 2017: Secretary Mnuchin Testifies Before Finance Committee on FY18 Budget

Secretary Mnuchin Testifies Before Finance Committee on FY18 Budget:  Secretary of the Treasury Steve Mnuchin testified today before the Senate Finance Committee at its hearing on President Trump’s fiscal year 2018 budget proposal. Secretary Mnuchin reiterated the need for tax reform to stimulate a return to the modern historic average of 3% annual growth in gross domestic product.

Ways and Means Committee Advances Three Health Care Bills:  Yesterday, the Ways and Means Committee approved three bills aimed at improving access to affordable health care. H.R. 2579, the Broader Options for Americans Act, expands access to tax credits under the American Health Care Act (ACHA) to certain unemployed individuals and employees of churches and other religious institutions. H.R. 2372, the VETERAN Act, would codify an existing regulation allowing veterans who are not receiving insurance through the Veterans Administration to purchase coverage on the individual market. Finally, H.R. 2581, the Verify First Act, tightens verification requirements to prevent tax benefits under the ACHA from being dispensed without verifying an eligible recipient’s legal status.