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‘Big Six’ Tax Reform Statement: Legislation Coming, No BAT

Thursday, July 27, 2017 - 1:15PM

Congressional leaders and White House officials today released a joint statement on tax reform, in which they expressed an expectation that comprehensive tax reform will be considered by Congress this fall. The statement pledged a lower tax rate for businesses and unprecedented capital expensing, but did not address limitations on interest deductibility. Legislators will set aside the border adjustment tax (BAT), which has been a point of contention. The statement was issued by “The Big Six”: House Speaker Paul Ryan, R-Wis., Senate Majority Leader Mitch McConnell, R-Ky., Senate Finance Committee Chairman Orrin Hatch, R-Utah, House Ways and Means Committee Chairman Kevin Brady, R-Texas, Treasury Secretary Steven Mnuchin and White House National Economic Council Director Gary Cohn. 

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