Can a divided Washington enact sweeping tax reform?

In our estimation the probability of any substantial tax reform or tax cuts, at least for 2017, is rapidly diminishing even after the Sept. 27 release of the joint framework for possible legislation.

If tax legislation is passed at all, it will likely be a first half of 2018 event, with some members of Congress probably pushing for retroactivity to Jan. 1, 2018. If anything gets done, either this year or next, it will most likely be more modest tax cuts directed at the corporate sector with minor…


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