The U.S. House of Representatives passed the first two bills of Tax Reform 2.0 last week, one of which could increase the market for retirement plans. An Oct. 3 article Compliance Reporter titled “Despite House vote, Tax Reform 2.0 unlikely before midterms” discusses how the package remains unlikely to be taken up in the U.S. Senate with the midterm elections just over a month away. Insights from Investment management counsel David Tittsworth are included in the piece. I would be very skeptical if you are going to see any tax reform action before the next congress,” Mr. Tittsworth said. “I don’t see how you ever get a vote in the Senate on Tax Reform 2.0 at this point, there is no indication that the Senate Committee on Finance is going to take it up and pass it. That was a political statement by house Republicans to show voters how they would further ‘tax reform’ that was passed earlier this year. This was a political move and the chances the Senate will do anything is almost zero.”
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