PR Newswire
NEW YORK, March 2, 2017
NEW YORK, March 2, 2017 /PRNewswire/ -- The March issue of Wolters Kluwer's Blue Chip Financial Forecasts indicates growing uncertainty that Congress will approve comprehensive tax reform this year. The Blue Chip panel consensus puts the odds at 55.5 percent that Congress will pass comprehensive reform legislation in 2017, representing a sharp drop from nearly 80 percent last month.
This drop can be attributed to greater-than-anticipated opposition to the border adjustment tax, especially in the Senate, coupled with the difficulty Republicans are having in coming up with an acceptable plan to repeal and replace the Affordable Health Care Act. Legislative activity around issues such as healthcare and immigration have so far overshadowed work on tax reform and infrastructure investment, which are likely to have a significant impact on the consensus outlook for the economy.
The odds that a "border tax adjustment" component will be passed by Congress as part of tax reform this year fell to 14.6 percent.
"Without this huge revenue-raising component, taxes would likely be cut by far less than earlier assumed," said Randell E. Moore, executive editor for Wolters Kluwer's Blue Chip Financial Forecasts. "In the alternative, promises that tax reform would be revenue-neutral would need to be abandoned – potentially leading to larger budget deficits."
Other consensus findings and details from the Wolters Kluwer's Blue Chip Financial Forecasts exclusive survey include:
Wolters Kluwer's Blue Chip Financial Forecasts highlights the prevailing opinion about the future direction and level of U.S. interest rates that is critical for profitable business management. The newsletter is created through a survey with participants from leading firms including Bank of America-Merrill Lynch, Goldman Sachs & Co., Swiss Re, Loomis, Sayles & Company, and J.P. Morgan. The survey compiles forecasts for the next six quarters for multiple variables not limited to the federal fund rate, prime rate, state and local bonds, home mortgage rate and consumer price index.
Wolters Kluwer's Blue Chip Financial Forecasts is published monthly by Wolters Kluwer Legal & Regulatory U.S., a global leader in information services and solutions for legal professionals. For more information on Wolters Kluwer's Blue Chip Financial Forecasts please visit, wolterskluwerlr.com/bluechip.
About Wolters Kluwer Legal & Regulatory U.S.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
For more information about Wolters Kluwer Legal & Regulatory U.S., visit www.WoltersKluwerLR.com, follow us on Facebook, Twitter and LinkedIn.
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SOURCE Wolters Kluwer
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