The legislative process enjoys a reputation for a paint-drying level of fascination. However, Hank Gutman revealed some of the machinations and intrigue behind passage of the 2017 Tax Cuts and Jobs Act.
For instance, the Budget Act and the requirements of revenue reconciliation imposed requirements with short-term work-arounds that will have long-term consequences. Many of the tax breaks in the law expire after eight years precisely to remain within the 10-year revenue limits imposed by reconciliation.
Mark Mazur employed highly persuasive visuals that made the case for America’s relatively light tax burden as compared to peer nations. However, the visual that will likely remain with attendees the longest depicted the massive growth in mandatory spending that threatens to all but squeeze out discretionary spending in the not too distant future. All panelists concurred that the Coronavirus will have an impact on the U.S. economy in 2020, but Richard Bard made the case that the virus may be an opportunity to reassess our reliance on Chinese goods and manufacturing.