Expectations for tax reform are high. Congressional Republicans have proposed an aggressive “blueprint” outline to create a new structure for taxing the business income from entities such as S corporations, partnerships, and LLCs. This novel approach raises many significant questions, and the answers may hold the key to comprehensive tax reform.
Representative Vern Buchanan (R-FL) has been leading on this issue, having previously introduced legislation to establish a separate tax rate structure for these types of businesses. Buchanan shared his thoughts on how such a structure can be designed and implemented and how it fits into the broader tax reform debate. He was followed by a panel of policy experts who debated the issues and ramifications around establishing such a policy.
Rep. Vern Buchanan (R-FL)
Senior Member, House Ways and Means Committee
Former Representative from North Dakota
Co-Chair, BPC’s American Competitiveness and Job Creation Tax Initiative
VP, Tax Counsel, National Retail Federation
Managing Director, WNTS Tax Policy Service, PwC
Partner, Grant Thornton
Reporter, The Wall Street Journal