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Jorge Castro Quoted on Proposed Tax Legislation in InvestmentNews

Subtitle
"House GOP Tax Package Launches Effort To Pass Reform Legislation"

InvestmentNews

Jorge Castro commented on three bills that form the foundation of the House Republican tax package introduced by House Committee on Ways and Means Chairman Jason Smith (R-MO) last Friday. "I see this very much as an opening bid by House Republicans and Chairman Smith," Castro said, adding that it is "very unlikely that a bill in this form will pass the Senate. But I think there are provisions in there that could get support in a Democratic Senate." Castro, who previously served as tax counsel for House and Senate lawmakers, said other provisions from the 2017 tax law dealing with estate tax breaks and other taxes set to expire in the coming years could be part of any bipartisan bill negotiations. "I suspect they're likely going to be considered for the broader bipartisan package," he said. "You're going to see lobbying around those provisions at the end of the summer and in the fall." Even with expected opposition in the Democrat-controlled Senate, Castro said agreement on tax legislation is possible, noting the recent bipartisan legislative effort to lift the debt ceiling, calling it "a formula for passing major tax legislation" toward the end of year.