Ryan expects bill on tax fixes to come after midterms
Speaker Paul Ryan (R-Wis.) said Thursday that he expects lawmakers to release a bill to make fixes to the new tax law following November’s midterm elections.
At an event hosted by the Economic Club of Washington, Ryan said glitches were bound to occur because the law made significant changes to the tax code, including to the international tax system.
“We’re compiling those issues, typically on the international side, and then we intend to put together a technical correction bill at the end of the year,” Ryan said.
A number of stakeholders have been increasing their pressure on Congress to make changes to the tax law, which President Trump signed in December.
Groups are seeking fixes to individual, business and international tax provisions where there are some unintended consequences, such as where the text of the law doesn’t reflect lawmakers’ intentions. Stakeholders pushing for tax fixes include accountants, retail groups, wineries and the nonprofit sector.
Ryan said a tax corrections bill will have to wait until the year’s end because Democrats would be unlikely to support such a measure before the midterms. A technical corrections bill would need support from some Senate Democrats to pass — backing that could be challenging to secure given that no Democrats voted for the 2017 tax law.
“There’s no way they’re going to anything to help us with this prior to the election,” he said.
House Republicans and the White House have also expressed interest in putting forth legislation to permanently extend the 2017 law’s tax cuts for individuals.
Ryan said that bill would be separate from a technical-corrections bill.