Jorge Castro Comments on Tax Bill Amid Tariff Uncertainty in Tax Notes
Subtitle
"Tariffs, Economic Change Add to Pressure on GOP Tax Bill"
Tax Notes
Jorge Castro, former Counselor to the IRS Commissioner and congressional tax counsel, commented on the potential impact of economic volatility on the structure and funding of the upcoming legislative tax package. Republican lawmakers are facing increased pressure to finalize and pass major tax legislation amid market uncertainty fueled by President Trump's tariff policies. The bill is expected to extend key provisions from the 2017 Tax Cuts and Jobs Act and additional tax cuts. While some GOP leaders argue that swift legislative action could help steady investor confidence, internal divisions over deficits and trade policy are complicating legislative progress. "I think certainly if we see a significant economic downturn, that could very much have an impact on just overall what this package looks like and should it be fully funded. It's something that Congress [] is constantly trying to assess," Castro said.