Tax Talk: Volume 10, No. 2 August 2017

EDITOR'S NOTE

With the failure of health care legislation to "repeal and replace" the Affordable Care Act, eyes in Washington, D.C. are now turning to tax reform. Since Congress plans to take August off, any real tax reform effort in the public domain will only start up after Labor Day. By then, Congress will only have 65 days left in its 2017 calendar. Not much time for the comprehensive tax reform that people have been talking about. Speaking of tax reform, some progress is being made, albeit in a negative sense. The tax leadership of the House, Senate, and administration announced that plans for a border adjusted cash flow tax are dead. That will make things much simpler and was almost inevitable given the substantial resistance from the U.S. business community (at least the importer side). What, you might ask, is then left? If we focus on areas where there is some consensus we may be looking at a Republican tax reform package that (i) lowers individual and