The combination of a Republican president and Republican majorities in both the House and Senate significantly increases the prospects for comprehensive tax reform, legislation to repeal (and eventually replace) the Affordable Care Act (ACA), and other major legislation. After several years of divided political federal government, there is a very real opportunity to advance key Republican legislative priorities and overhaul regulations and administrative procedures of federal departments and agencies.
The challenge? President Trump and Republican Congressional leaders need to decide which priorities to address first. Congressional Democrats need to decide what policies they may be willing to support and work to influence, and which policies they will oppose and seek to block.
Comprehensive tax reform that lowers business and individual tax rates, simplifies the tax code, and makes US businesses more competitive in the global economy is one of the top priorities for the Trump administration and Republican Congressional leaders. During his campaign, President Donald Trump identified tax reform as a central pillar of his agenda to create 25 million new jobs over the next decade. Similarly, Congressional Republicans have said that tax reform is essential to increasing economic growth.