President Donald Trump wants to sign a tax reform bill in the fall, but lobbyists who were around the last time Congress overhauled the tax code — in 1986 — say plans to pass permanent, wide-reaching legislation with only Republican votes seem all but impossible.
So tax lobbyists are trying to predict what Congress will pass instead.
Some are pushing for Republicans to embrace a long-shot strategy to tie tax reform to an infrastructure spending package to bring Democrats on board.
Others have given up hope that Congress will be able to pass anything more than a temporary tax cut for individuals — maybe the only measure that can attract 50 Republican votes in the Senate.
“We’ll end up with some lower rates and some business tax changes and probably some tax cuts that are probably temporary because they’re doing it all with Republican votes,” said Randy Hardock, a partner at Davis & Harman who worked for Sen. Lloyd Bentsen (D-Texas) in 1986.
So tax lobbyists are trying to predict what Congress will pass instead.
Some are pushing for Republicans to embrace a long-shot strategy to tie tax reform to an infrastructure spending package to bring Democrats on board.
Others have given up hope that Congress will be able to pass anything more than a temporary tax cut for individuals — maybe the only measure that can attract 50 Republican votes in the Senate.
“We’ll end up with some lower rates and some business tax changes and probably some tax cuts that are probably temporary because they’re doing it all with Republican votes,” said Randy Hardock, a partner at Davis & Harman who worked for Sen. Lloyd Bentsen (D-Texas) in 1986.