What are the current prospects for tax reform, especially in light of shifting priorities on Capitol Hill? NAPA Executive Director/CEO Brian Graff tackles that question in this month’s Washington Update video. As is often the case, the answer to the question involves numerous moving parts and what-ifs.
First up is the debate over the president’s proposal to take military action in Syria, Graff notes. “Once they get past that,” Graff says, “they will turn to the deficit, the sequester, a continuing resolution to fund government operations, and the debt ceiling, which is currently expected to expire in mid-October.”
This month, he believes, Congress will pass a continuing resolution to fund the government through mid-December, and then address a debt ceiling extension — likely through mid-December. The result will be a period from mid-October to mid-December during which Congress can work on “a bigger deal.” That deal could include addressing concerns about the impact of the sequester and defense spending — as well as an expedited process for taking up tax reform, Graff notes.
“Chairmen Baucus of the Senate Finance Committee and Camp of the House Ways and Means Committee are working with committee members” on proposals that could be packaged in the event that tax reform does move forward, says Graff. “Our biggest concern, of course, is the possible impact on retirement savings incentives.”
Graff notes that in light of all this, it will be especially important for delegates to next week’s NAPA DC Fly-in Forum to make the case for supporting those incentives when they meet with their elected representatives in Congress Sept. 18.
To view Graff's Washington Update for September, click on the video in the right column.
