Congress returns from August recess with a crowded September agenda. There are only twelve working legislative days this month for Congress to address raising the debt ceiling, reaching an agreement on government funding beyond October 1, Hurricane Harvey relief, and a formal push for tax cut legislation.
Regarding tax reform, President Trump and the White House have indicated that tax cuts will go through regular order, meaning details of the legislation will emerge from the House Ways & Means Committee, followed by the Senate Finance Committee. The White House has reiterated their desire to have legislative language on tax cuts by the end of September and they remain hopeful that a package can be passed and signed into law by the end of this year. With respect to corporate tax rates, the White House has indicated that they are aiming to eliminate deductions in exchange for a lower corporate tax rate of fifteen percent. MEMA has been actively involved in tax reform discussions with the administration and Congress, including a White House meeting with Gary Cohn, Chairman of the National Economic Council (NEC).