Treasury Secretary Mnuchin Says Tax Reform Will Conclude by August 2017

Treasury Secretary Steve Mnuchin said that he wants to see very significant tax reform passed before Congress' August recess. However, Congress is working through a complex agenda and many of the primary tax policy writers believe the House will not complete a bill until next year.

President Trump has promised to detail a tax plan in the coming weeks. He has not stated whether it is a version of his proposal outlined during the campaign or if it will resemble the House Republicans' plan. Secretary Mnuchin said the Trump administration is "primarily focused on a middle-income tax cut and a simplification for business” which he said is “key to boosting economic growth to 3% annually or higher.” He also stated that the administration has looked at the border adjustment tax and is aware of some of the concerns with it. The border adjustment tax is a key provision of the House Republican tax plan which would tax imports and eliminate the tax on exports.

Throughout the tax reform debate, PMAA will continue to weigh in on provisions that are particularly important to petroleum marketers such as the estate tax and LIFO. PMAA is still reviewing the border adjustment tax and will have additional information at a later date on how it will impact petroleum marketers.