HOUSTON, June 27, 2018 /PRNewswire/ -- Former U.S. Congressman and alliantgroup Senior Vice President Rick Lazio issued a statement regarding further potential tax reform legislation that would build and expand upon last year's Tax Cuts and Jobs Act. Commenting on a recent interview appearing in The Washington Post with House Ways and Means Committee Chairman Kevin Brady, Lazio discussed the modifications House Republicans are looking to pursue with regard to any potential "Tax Reform 2.0" legislation, including a breakdown of policy goals and a timeline of when legislation could be drafted and introduced on the House floor for a vote.
In his statement, Lazio highlighted a few of Brady's key ambitions, such as making the tax sections affecting both pass-through businesses and individuals permanent (many of these provisions are scheduled to sunset in 2025) and pushing for expanded retirement savings incentives. Laying out the anticipated process and timeframe for any potential tax legislation, Lazio stated that there could be multiple bills drafted this summer that implement tax reform policy fixes in the House, with a bill being brought to the House floor for a final vote this fall. However, Lazio tempered expectations of any House bill becoming full law, noting that the legislation could be modified or derailed in conference with the Senate.
"With a margin as tight as possible, and Democrats in the Senate already on record as unanimously opposing the huge tax bill enacted at the end of last year, odds are long that a bill will get to the President's desk," said Lazio.
Lazio concluded with a breakdown of the variables in play that could ultimately decide the fate of any "Tax Reform" 2.0 legislation, including the upcoming midterm elections, the effect of the legislation on the national budget and the state of the economy.
"Rick is a leading expert in the areas of economics and tax policy and has always been a true champion for small businesses and American enterprise," said alliantgroup CEO Dhaval Jadav. "He's been a valued resource for the many businesses and CPAs we serve. I encourage everyone to listen to his insights on policy and on what we can expect from our elected officials over the next few months."
alliantgroup's mission is one of education and awareness—we exist to help industry organizations, businesses and the accounting firms that advise them to take full advantage of all federal and state tax credits, incentives and deductions available. These powerful incentive programs are legislated by the government to help businesses grow and remain competitive locally as well as abroad. We are proud to have helped over 12,000 businesses claim more than $6 billion in tax incentives. alliantgroup's international headquarters is in Houston, Texas, with offices across the country and internationally including New York, Boston, Chicago, Orange County, Sacramento, Indianapolis, Washington, D.C and London and Bristol in the U.K. For more information on alliantgroup, please follow us on LinkedIn, Facebook, Twitter and YouTube.