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hb88 At ‘Tax Prom,’ Washington Prepares for More Tax Cuts
Life was good for the tuxedoed and gowned tax lobbyists lined up last month along Washington’s waterfront to get into “Tax Promhb88,” a wonky event even by the standards of a city peopled by policy nerds.
After a Republican sweep to power, Congress was starting to negotiate a sweeping tax bill, a boon for an industry that thrives when lawmakers rework the tax code. The corporate tax rate could drop. Tax breaks for research and development could return. A deduction for the owners of many businesses would likely remain in place.
So there was a sense of optimism at this year’s celebration of the capital’s tax professionals. Hosted annually by the Tax Foundation, a think tank that generally favors lower taxes, and sponsored by major corporations, Tax Prom is Washington network par excellence.
Congressional staff and lobbyists chatted at the open bar. An advocacy group seeking higher taxes ran advertisements criticizing the event. Kim Reynolds, the Republican governor of Iowa who has repeatedly cut taxes, received the event’s annual award. Attendees availed themselves of the opportunity to make jokes about depreciation schedules — and maybe actually get a laugh.
But even with the conditions ripe for cutting taxes next year, the village of consultants, lawyers and former congressional aides that lobby Capitol Hill were not ready to let its guard down.
Tax cuts cost money, and some companies are on alert for Republicans that would pare back corporate tax breaks to save revenue. Various industries and companies have an array of sometimes conflicting demands of Congress, turning next year’s tax bill into another arena for corporate competition. Then there are those who don’t want to miss out an opportunity to worm an advantageous tax change into law.
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