WOTC Update: Tax Reform and Tax Extenders
Tax reform is sometimes mentioned as a potential cause of delay for the renewal of WOTC and other tax credits. That is, if tax reform were to happen, then it is conceivable that, as part of that process, various tax credits would cease to be renewed in favor of a reduction and simplification of overall corporate tax rates. Mr. Hatch said of tax reform, in a Q and A published by the Washington Post:
Let me put it this way, it took three years to do the ’86 bill and they had a much less comprehensive tax code than we have now. We think we can do it in a shorter period but it is going to take tremendous presidential leadership and I’m not sure that this president is that involved.
At the same time, raising the visibility of the importance of the overall tax extenders, which includes WOTC, Ways and Means committee Chairman Paul Ryan laid out his desire to tackle these expired and expiring initiatives as soon as possible. He said:
We want to do this early; I would love nothing more than to come back from the August recess with a plan in place to enact in September.
We disagree with the notion that you need to raise taxes on other hardworking Americans in order to keep them the same for everybody else.
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