As you have no doubt heard by now, the Trump administration yesterday released a tax reform “plan” that filled just one side of a single sheet of paper. Which is to say, the plan is light on details. The “goals for tax reform” are outlined: “Grow the economy and create millions of jobs Simplify our burdensome tax code Provide tax relief to American families – especially middle-income families Lower the business tax rate from one of the highest in the world to one of the lowest” Some of the specifics include reducing the number of tax brackets, doubling the standard deduction while eliminating a number of itemized deductions (but preserving the deductibility of mortgage interest and charitable gifts), repealing the inheritance tax and alternative minimum tax, reducing the corporate rate to 15%, and switching to a territorial system of taxation for corporations. Aside from the elimination of some tax deductions,… Read More President’s Tax Plan Leaves Out Infrastructure
Washington’s attention is turning to the April 28 deadline for fiscal year (FY) 2017 spending bills. Congress has barely a month to either finish its work on outstanding appropriations bills, or pass another continuing resolution (CR). The timeline is particularly challenging due to a two-week Congressional recess in April. Just three in-session weeks are available between now and the CR’s expiration. At least two issues complicate the completion or extension of this year’s spending bills. Some in Washington are starting to whisper the dreaded “s” word (shutdown). 1) Trump Administration changes to funding levels. The CR is often an extension of the previous year’s funding levels. The Trump administration, however, has proposed significant increases for military and military-related spending. This would force cuts of as much as $18 billion in the discretionary budget. These cuts would come from the remaining few months of the fiscal year, not the entire year, making the… Read More Whispers of a Shutdown
This USDOT document reflects on the progress made to address freight challenges and provides thoughts on the future of freight and the role of the government with regard to freight policy. The Beyond Traffic 2045 National Freight Strategy Framework includes lessons learned and synthesizes input from engaged citizens, business leaders, practitioners, operators, and planners, among others, as to what works, what does not work, and what future we should collectively work to achieve for the future freight economy.
January 19 marked Transportation Secretary Anthony Foxx’s last day in office. In his farewell message to USDOT employees, Foxx highlighted the successes of USDOT during his tenure, including securing the first long-term transportation bill in over a decade and embracing innovative technologies, such as autonomous vehicles and unmanned aircraft systems. He also highlighted the integration of his long-standing priority of using transportation policy to foster inclusivity and equality in USDOT work. Foxx closed by thanking his department for their support and stating that the future is bright for USDOT.