wallstreetexaminer.com / by Craig Wilson • March 28, 2017
This is a syndicated repost courtesy of The Daily Reckoning. To view original, click here. Reposted with permission.
A tax overhaul once believed by markets to be easier legislation to pass is now facing intraparty divisions. Tax reform may not be as simple as markets have anticipated — and could spell real disaster for the economy.
After three decades, Republicans are looking to enact a major tax overhaul. The expectation is that by holding power in both Congress and the White House, the GOP will be able to deliver in expedited fashion.
The last time that Congress had significant tax reform was in 1986 under Reagan.
House Representative Kevin Brady, R-Texas, chairman of the tax-writing Ways and Means Committee, remained steadfast, “As challenging as tax reform can be, we have, I think, all the elements in place to deliver better than Reagan reforms going forward.”
However, after the most recent healthcare collapse, a “layup” shot for Republicans is needed to garner momentum again.
Tax cuts are simple, actual tax reform is not.
Treasury Secretary Steve Mnuchin while speaking in Washington, D.C noted that he felt tax reform would be “a lot simpler” in contrast to what
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