US: Likelihood of tax reform this year has declined – TDS

In view of the analysts at TDS, the likelihood of tax reform this year in the US has declined.

Key Quotes

“Several factors are at play: now-exposed political divisions between and within the political parties; a lack of clear direction from the White House; and the intrinsic (but previously under-appreciated) difficulty of tax reform. The idea that the Trump administration “needs a win” does not hold water as a rationale for expecting a quick agreement on fiscal stimulus. Several key Republicans have publicly stated that tax reform will take (significantly) longer than previously thought; these include House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin, and OMB Director Mick Mulvaney.”