Grim Prospects For Tax Reform in 2015: Findings from the Ninth Annual Tax Policy Forecast Survey

One of the biggest concerns that the business community has to deal with is progressive tax reform. There has been a significant amount of attention and effort invested to track the developments of tax reform laws and how this could affect a variety of business operations. Recently, numerous executives have expressed that the chances of passing a decent tax reform bill this year could prove to be far from realistic. One of the biggest fears that business veterans share is that the government may opt to roll out several offsets in revenue without taking the time to implement a tax system with tax rates that are feasible and realistic.

A majority of these findings were extracted from the recent survey that was conducted at the National Foreign Trade Council. The findings that were expressed stood in stark contrast to the expectations that came from last year’s survey findings.

The previous year saw a considerable majority of the respondents having high hopes for extensive tax reform laws to be implemented during 2015, as long as the Republicans gained control over the Senate and the House of Representatives. While this came to pass, the expectations for tax reform remain largely unfulfilled.

One of the major reasons for this has to do with the impasse that was produced as a result of the conflict that currently grips several members of the White House and the Congress.

Congressional leaders of the tax committee have communicated an interest in pursuing the possibilities of effective tax reform policies. In spite of these explicit expressions from prominent chairmen, some business insiders fear the worst. Many executives feel that several representatives from the government’s administration will move to strike any developments that are geared towards progressive tax reform policies.