Our Take
Say what you want about an ineffective Congress, but starting with the introduction of “The Tax Cuts and Jobs Act” through until whenever this crazy train reaches its destination, things are definitely moving full steam ahead. If the schedule holds – and there is every reason to think that it will in the House, but may be delayed slightly in the Senate – the first session of the 115th Congress will come hurtling down the tracks with a flurry of intensity not seen in years. While the end of sessions shenanigans we have grown accustomed to have primarily focused on debt limits and government spending, issues that have broad impact and allow for easy free-riding, tax reform is a whole different kettle of fish. While there is sometime overlap amongst companies or industries, it is not always case. Furthermore, much of these negotiations are zero sum gains, so at the end of the day there is a strong incentive of “every man/woman for themselves.” Selfishly, we would add that even at this early point in the process the tax reform debate has shown the value of having a strong government affairs team in DC.