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Briefcase: Federal Tax Reform

Guest, Professor Bret Wells


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Houston Public Media

On May 3rd, the President issued a tax proposal that included cutting the top business rate from 35% to 15%. Professor Bret Wells, with The University of Houston Law Center is an expert on federal income tax law and explains what we should look for in any tax proposal.

"Tax legislation must address the country's twin goals of providing funding for the federal government," Professor Wells said. "While at the same time providing tax rules that maintain America's global business competitiveness. The administration's proposal left unanswered questions."

Wells claims businesses have other concerns about changes. "Lawmakers must ensure that any major tax overhaul provides clarity for business leaders to know the tax consequences of their business decisions," Wells continued. "Furthermore, the business community needs confidence that any legislation has sufficient bipartisan support, so that our tax laws do not go through wholesale changes after every election cycle."