The U.S. House Ways and Means Committee will hold a hearing next week on President Trump’s fiscal year (FY) 2018 budget proposals.
The hearing is scheduled for Wednesday, May 24, 2017, and Treasury Secretary Steven Mnuchin is slated as the only witness.
According to the hearing announcement, the Trump Administration is expected to submit its FY 2018 budget proposals to Congress “[i]n the coming days,” and the budget will detail the administration’s tax and spending proposals (as well as provide an overview of the budget for the Treasury Department and other activities of the federal government).
At a White House press conference on April 26, Treasury Secretary Mnuchin and National Economic Council Director Gary Cohn announced what they called the “core principles” of the president’s plan for tax reform and simplification. A one-page document summarizing, at a high level, the president’s plan was released at that time.
Although the Ways and Means hearing announcement indicates that the president is expected to submit a proposed budget that will include tax proposals “in the coming days,” it is not clear how much additional detail the administration might provide concerning its tax proposals in that submission. Nonetheless, it is possible that technical detail beyond the information included in the April 26 plan could be provided.
© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.