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Thomson Reuters Report Highlights Budget Reconciliation as Potential Pathway to Permanent Tax Reform

Thomson Reuters has released a Checkpoint special report, Budget Reconciliation: Procedure and Possibilities for Permanent Tax Reform, which examines budget reconciliation, a process that allows Congress to change current laws to bring them into conformity with its annual budget polices, as the most likely avenue for permanent tax reform.

Tax reform appears to be on the horizon: the President, Speaker of the House, and Senate Majority Leader have all called for it, and their proposals are largely in alignment. Many observers have focused on the details and various consequences of the tax reform proposals, but the procedure — the method by which tax reform occurs — will inevitably shape the details of any laws that finally get enacted. Given the balance of power in both the executive and legislative branches, there are many avenues that tax reform could take, but there are also many procedural hurdles that will likely have to be overcome.

“Given the focus of public analysis on the details and potential consequences of the existing tax proposals, we wanted to provide tax professionals with critical insight into the method by which tax reform will likely occur, as this will be highly influential,” said Salim Sunderji, Managing Director, Checkpoint, with the Thomson Reuters Tax & Accounting business. “Our report asserts that the reconciliation process is the most likely avenue for tax reform, even if its results are far from certain. This report will help accounting firms assess how the reconciliation process may directly impact their clients, as well as potential opportunities presented by permanent tax reform.”

This report explains the complexity of the reconciliation procedures. It highlights three paths to legislating tax reform and clarifies the congressional rules and procedures that will shape the outcome of any tax legislation.

The free report is available for download at tax.thomsonreuters.com/checkpoint/budget-reconciliation.

Thomson Reuters Checkpoint tackles market disruption through integrated research, editorial insight, productivity tools, online learning, content marketing solutions and news updates along with intelligent links to related content and software. It is relied on by hundreds of thousands of tax and accounting professionals, and counts among its customers 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.

Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI).