WMAL Interview - JOE BISHOP-HENCHMAN 12.04.17

INTERVIEW - JOE BISHOP-HENCHMAN - Executive Vice President of The Tax Foundation

TOPIC: Congress Set to Start Work This Week To Reconcile Tax Plans.

Joe can explain the history of the tax debate and pros/cons of what is currently in the tax plans that need to be reconciled.

BIO: Joe Bishop-Henchman is Executive Vice President at the Tax Foundation, where he analyzes state tax trends, constitutional issues, and tax law developments. Joe has testified or presented to officials in 36 states, testified before Congress six times, and has written over 75 major studies on tax policy.

WHAT'S NEXT FOR TAX REFORM?

CONFERENCE... HOUSE VOTES MONDAY

Senate bill:
Cuts individual taxes through 2025
Retains 7 brackets, but lowers top rate to 38.5
Repeals individual mandate
Preserves alternative minimum tax for wealthy
Begins lowering corporate rate in 2019, rather than 2018
Preserves scaled down estate tax

House bill:
Changes to 4 brackets, with top rate unchanged at 39.6
Includes "Family Flexibility Credit" -- $300 per tax filer and $300 for the spouse
Eliminates estate tax

Both:
Reduce from corporate rate from 35 to 20
Eliminate SALT
Allow individuals to deduct up to $10,000 in property taxes only

    WAPO:

    “We’ll be able to get to an agreement,” McConnell said Sunday on ABC’s “This Week.” “I’m very optimistic about it. And we think this will make a big difference in getting our economy moving again and providing jobs and opportunity for the American people.”

    Discussions are expected to continue throughout the week and could conclude as early as next week with the drafting of a so-called “conference report” that constitutes the final legislation. That bill must pass each chamber before Trump can sign it into law.