Donald L Korb and Andrew Solomon (Sullivan & Cromwell) examine the result of the year-long US tax reform effort, the Tax Cuts and Jobs Act of 2017.
Call it the audacity of necessity. It took just a brief breathtaking seven weeks for Congressional Republicans to move from draft text to a White House signing ceremony revamping almost every aspect of the sprawling US tax code. It was an act of political necessity born of the frustrating failure to repeal the Obamacare health care legislation in July. But it was also a deft act of legislative derring-do that required speedy coalition building and creative drafting to surmount the bizarre challenges brought on by the vagaries of trying to pass a $1.5tn tax cut through the mechanisms of a budget process designed for deficit reduction.
The legislative process
From an early November launch the Congressional Republican leadership and their peers on...
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Donald L Korb and Andrew Solomon (Sullivan & Cromwell) examine the result of the year-long US tax reform effort, the Tax Cuts and Jobs Act of 2017.
Call it the audacity of necessity. It took just a brief breathtaking seven weeks for Congressional Republicans to move from draft text to a White House signing ceremony revamping almost every aspect of the sprawling US tax code. It was an act of political necessity born of the frustrating failure to repeal the Obamacare health care legislation in July. But it was also a deft act of legislative derring-do that required speedy coalition building and creative drafting to surmount the bizarre challenges brought on by the vagaries of trying to pass a $1.5tn tax cut through the mechanisms of a budget process designed for deficit reduction.
The legislative process
From an early November launch the Congressional Republican leadership and their peers on...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
