Tax reform: It'south presently or never says White House adviser Gary Cohn

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Source:   —  November 14, 2017, at 1:06 PM

It'south presently or never for tax reform this year.

Tax reform: It'south presently or never says White House adviser Gary Cohn

It'south presently or never for tax reform this year.

On Tuesday, the White House director of the National Economic Council, Gary Cohn, underscored the urgency to complete a tax overhaul so that Congress can tackle other top priorities following month.

"December is going to obtain very, very crowded," Cohn said speaking at The Wall Str Journal'south CEO Council conference.

Earlier this year, lawmakers punted on a no of critical issues until the first and second week of December, including a possible government shutdown. Congress has until midnight on December eight to pass a spending bill, or risk the federal government running out of money.

Related: Mnuchin says most int he center class will obtain tax break

"It'south really necessary to obtain it done," Cohn stressed. "We've gotta obtain taxes done this year."

Congress hasn't been able to move any significant changes to the tax code in more than thirty years.

CEOs are certainly losing confidence in the prospect, given how distant apart the House and Senate proposals are.

Roughly fifty-eight percent of CEOs surveyed at the conference during Cohn'south panel expressed pessimism as to whether WA can obtain tax reform done by the finish of two thousand seventeen.

But Cohn waved off doubts, and pointed to the progress that both chambers are making on their respective legislative proposals.

House lawmakers are expected to vote on their tax reform bill this week. In the Senate, Republicans have begun marking up their own tax map in the finance committee, a process that could get several days.

Related: What'south in the Senate Republicans' tax bill

Cohn said he expects both chambers to create significant progress by the finish of this week, before lawmakers head to their residence states for the Thanksgiving recess.

"So by the finish of this week... we'll have the bill through the House and we'll have the Senate Finance committee done," said Cohn. "The only thing left to do is obtain the full Senate vote on the bill."

He did lift the opportunity that both sides would've to reconcile the bill in a conference committee, which would require both chambers to vote on the bill for a second time.

Still, Cohn downplayed differences between the two plans.

"The question should be: 'Do the bills deliver middle-income tax relief?' And the reply to both is, 'Yes'. How they obtain there is different," said Cohn.

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