Cohn: Tax legislation will be released in early fall

Cohn: Tax legislation will be released in early fall
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White House chief economic adviser Gary Cohn said that he expects a tax reform bill will be considered by Congress in September.

Cohn made the remarks during a White House meeting on Tuesday with leaders from trade associations representing the interests of the technology and telecom industries. 

Treasury Secretary Steven Mnuchin, who had previously expressed confidence that tax reform legislation will pass by the end of the year, was also in the meeting.

Cohn, who is also the director of the National Economic Council, said President TrumpDonald TrumpUN meeting with US, France canceled over scheduling issue Trump sues NYT, Mary Trump over story on tax history McConnell, Shelby offer government funding bill without debt ceiling MORE has taken a keen interest in the proceedings on a tax proposal, saying that he calls “every day” to speak about its progress about it.

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The White House stressed that they expected a plan to be presented in early September. Cohn said it would be a “unified plan” with considerations from the White House, Senate and the House. 

Officials attending the White House meeting included Information Technology Industry Council President Dean Garfield and Internet & Television Association President and CEO Michael Powell.

Technology companies have been tracking tax reform very closely. Verizon and other companies have expressed interest in changing how capital expenditures are handled. Internet companies and tech manufactures have called for a territorial tax system, which they argue will help them avoid paying “double taxes” at home and abroad.