Leaders from KPMG LLP, the audit, tax and advisory firm, offered the following perspectives in response to today's unified framework from Congress and the White House on tax reform:
“Today’s release is progress towards tax reform, but the hardest part lies ahead.” said John Gimigliano, principal-in-charge of federal tax legislative and regulatory services at KPMG LLP. “Congress still needs to figure out how to make the math work, both politically and procedurally, and then needs to convert that to legislation. And if Congress is serious about using ‘regular order’ to move a bill, it could take months, not weeks for legislation to get to the President’s desk.”
Jeffrey C. LeSage, Vice Chairman-Tax, KPMG LLP, said: “Business leaders have been waiting a long time for some clearer signals on the future of the U.S. corporate tax code. Based on what we’ve seen today, they’re going to need to devote more attention to evaluating and modeling how these potential tax reform scenarios could impact their organizations, and then consider keeping a dialogue going with their legislators as the process moves forward.”
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the independent U.S. member firm of KPMG International Cooperative (“KPMG International”). KPMG International’s independent member firms have 189,000 professionals, including more than 9,000 partners, in 152 countries.