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Get Ready for Washington DC's Big Push For Tax Reform

Before tax reform can be addressed, Congress has a “to do” list that must be tackled if the government is to continue running and the debt ceiling is to be raised.

By Erika Morphy | erikamorphy | Updated on August 28, 2017

The Capitol

WASHINGTON, DC—Despite some doubts to the contrary, Washington DC is getting set to tackle tax reform and US President Donald Trump plans to herald these efforts this week by campaigning for the plan in the state of Missouri, according to a tweet by the president.

The Little We Know

While little details have been revealed about the plan, Chief Economic Advisor Gary Cohn told the Financial Times last week that it will protect personal, charitable, mortgage and retirement savings deductions. He also said that the White House would like it to include a one-time corporate tax repatriation on overseas profits and to move to a territorial system. Other than that, Cohn told the Financial Times, the Trump Administration does not have “fixed or detailed plan for tax reform” and expects that the relevant congressional committees will finalize the legislation.

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