Tax reform may occur sooner than expected in 2017

League sources reported that at his year-end press conference yesterday, Senate Majority Leader Mitch McConnell, (R-KY) reiterated that Republicans intend to use reconciliation to move tax reform legislation in 2017 sooner than later. McConnell said that “we plan to move two budgets next year, so we can twice use reconciliation — one to repeal the […]

League sources reported that at his year-end press conference yesterday, Senate Majority Leader Mitch McConnell, (R-KY) reiterated that Republicans intend to use reconciliation to move tax reform legislation in 2017 sooner than later.

McConnell said that “we plan to move two budgets next year, so we can twice use reconciliation — one to repeal the Affordable Care Act and the second for a comprehensive tax reform. They’ll take up the one addressing Obamacare first, with the second budget coming later in the spring.”  McConnell would not be specific about when tax reform legislative text would be finalized.

This timetable seems that it will move more quickly than that mentioned by House Ways and Means Chairman Brady, who saw a tax reform bill coming later in the year around September or October. Still, the basic strategy seems to be clear according to the Congressional players who are leading this effort.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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