REPUBLICAN LEADERS RELEASE NEW TAX PROPOSAL WITH BROAD PRINCIPLES, FEW DETAILS
The “Big Six"—six top Republican leaders from the House, Senate, and the White House—released a new tax proposal, the “Unified Framework for Fixing Our Broken Tax Code," on Wednesday, September 27, 2017. The framework outlines broad principles for tax reform. Released without many details, the plan leaves much to be worked out by members of the tax writing committees. The development process has been closely guarded and largely limited to the six leaders.
The new proposal does not explicitly address the elimination or preservation of Section 1031.
The new plan, titled “Unified Framework for Fixing Our Broken Tax Code,” covers only broad principles, omitting critical details. Even fellow Republicans on the tax writing committees have as many questions as the public.
The Big Six is a small group comprised of Speaker of the House Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Senate Finance Committee Chairman Orrin Hatch (R-UT), House Ways and Means Committee Chairman Kevin Brady (R-TX), Treasury Secretary Steven Mnuchin, and National Economic Council Director Gary Cohn.