Earlier this fall, TEI’s Florida Chapter kicked off the fiscal 2015 meeting schedule with U.S. Rep. Vern Buchanan (R-FL) and members of his staff in Sarasota, Florida. Rep. Buchanan is the sole representative from Florida on the U.S. House Ways and Means Committee. The meeting was an informal exchange of questions and comments.
Buchanan discussed his concerns and outlook for the future of the tax industry. He agrees with the pleas to simplify the tax code and feels there is a possibility for a major overhaul in 2017, regardless of the party in control of the White House. He expressed support for U.S. Rep. Paul Ryan’s (R-WI) tax proposals, including a territorial tax system, and believes the U.S. tax rate must come down to a competitive level that considers the state impact. On the immediate front, Congress must deal with the funding of the Highway Transportation Bill that will include tax measures to be aware of. Chapter members noted that the financial reporting impact to public companies was an important issue that Congress seems to overlook too often. Buchanan understands that but acknowledged it is not universally understood in Washington.
