KPMG has released a report providing an overview of the tax reform process in Washington, D.C., as the incoming Trump administration prepares to push for the biggest tax overhaul in three decades with Republicans dominating both houses of Congress and the executive branch of government next year.
The 23-page document explains in question and answer format how the election results affect the likelihood of the tax reform, what the legislative process is expected to be, the likely timing, how involved congressional Democrats are likely to be in the tax reform process, how the budget reconciliation process could affect tax reform, whether tax reform would be permanent or temporary, and who the key administration and congressional players are likely to be.
Those factors could be changing as President-elect Trump picks the new members of his Cabinet, although he already named a candidate last week for Treasury Secretary, Steven Mnuchin. Also last week, Democrats in Congress chose a new ranking member of the tax-writing House Ways and Means Committee, Rep. Richard Neal, D-Mass.
“Although enactment of tax reform legislation in the near future is by no means certain, the odds for reform being enacted soon appear higher than they have been at any other time since the Tax Reform Act of 1986 became law,” said the report.