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NOTABLE QUOTABLE
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“We have to figure out how we’re going to make the tax system a fairer one. Right now, the wealthy pay too little and the middle class pays too much. So I have specific recommendations about how we’re going to close those loopholes, make it clear that the wealthy will have to pay their fair share, and have a series of tax cuts for middle-class families.”
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PRESIDENTIAL TAX TALK
Kasich’s Tax Plan Sets Corporate Rate at 25 Percent. Republican presidential candidate John Kasich is the latest in the GOP field to release a tax overhaul plan….
LEGISLATIVE LANDSCAPE
To Be, or Not to Be, That is the Question (for Ryan). All eyes will be on House Ways and Means Chairman Paul Ryan this week, as he makes a decision on whether to make a bid for the House speakership….
Shuster to Mark Up Six-Year Highway Bill. With Chairman Ryan preoccupied with the GOP leadership drama, Ways and Means has not hinted at what offsets are under consideration. Lawmakers may have toseriously consider passing yet another temporary extension….
Reconciliation Bill Ready for Floor Action. The House reconciliation bill (H.R. 3762) will hit the floor thisThursday….
REGULATORY WORLD
U.S. Unlikely to Meet Common Reporting Standard — Trouble for Wall Street.The U.S. Treasury announced that it is currently not in a position to commit to the OECD’s common reporting standard (CRS) by September of 2018, a deadlinethat 93 other nations have agreed to meet….
Starbucks, Fiat Decisions Up First in EU Tax Break Rulings. The European Commission is set to issue rulings as to whether companies such as Apple, Amazon, Fiat, and Starbucks received illegal state aid via specialtax regimes. The October tax rulings may only be the tip of the iceberg…
CRS Report Considers Raising the Rate for Passthroughs. In order to achieve a lower corporate tax rate, a recent CRS report explores a controversial tradeoff: raising the rate for passthrough entities….
LOOKING AHEAD
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The McGuireWoods’ Tax & Financial Services Policy Group assists clients in understanding how the latest legislative and regulatory proposals anddecisions may impact their business and industry. To learn more about how our team can help you monitor, analyze, and navigate all relevant legislativeand regulatory developments, please contact any of our attorneys and consultants below at (202) 857-1700. For more information on how to subscribe toour weeklyTax Policy Update and tax news alerts, please contact Radha Mohan, rmohan@mwcllc.com, (202) 857-2944.
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