Kimmitt: Tax Reform This Year Possible, but Difficult

The video discusses the challenges and processes involved in achieving tax reform in the current political climate. It highlights the role of the Big 6 in preparatory efforts, compares the current situation to the 1986 tax reform, and emphasizes the importance of bipartisanship and revenue neutrality. The discussion also touches on the political dynamics and the need for fiscal responsibility to support economic growth.

What is the first step Congress must take to initiate tax reform?

• Pass a healthcare bill

• Pass a budget resolution

• Elect a new Speaker of the House

• Approve a new Treasury Secretary

Who are the 'Big 6' involved in the preparatory work for tax reform?

• Senators McConnell and Hatch, Speaker Ryan, Mr. Brady, Steven Mnuchin, and Gary Cohn

• Senators Schumer and Pelosi, Speaker Ryan, Mr. Brady, Steven Mnuchin, and Gary Cohn

• Senators McConnell and Hatch, Speaker Pelosi, Mr. Brady, Steven Mnuchin, and Gary Cohn

• Senators Schumer and Hatch, Speaker Ryan, Mr. Brady, Steven Mnuchin, and Gary Cohn

What was a key strategy used in the 1986 tax reform to ensure its success?

• Announcing the plan before building a coalition

• Avoiding any bipartisan discussions

• Building a coalition before announcing the plan

• Relying solely on Republican support

What is a major difference between the 1986 tax reform and the current efforts?

• The 1986 reform was led by a first-term president

• The current effort is trying to proceed without Democratic support

• The 1986 reform had no bipartisan support

• The current effort is bipartisan from the start

Why is revenue neutrality considered important in tax reform?

• To ensure immediate economic growth

• To avoid increasing the national debt

• To simplify the tax code

• To ensure the reform is popular with voters