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The Hill Quotes Rosemary Becchi on Tax Reform Drama

October 25, 2017

In an Oct. 23 story in The Hill, McGuireWoods partner and McGuireWoods Consulting senior advisor Rosemary Becchi discussed the suspense building around the release of a Republican-crafted tax bill. Lobbyists eagerly await details of the legislation, which President Trump and congressional Republicans have identified as a top policy priority.

“Things are very intense right now,” said Becchi, a former tax counsel on the Senate Finance Committee’s Republican staff. “The [congressional] staff is working day in and day out drafting a bill and developing policy.”

Lawmakers face the difficult task of producing a bill that meets the GOP’s revenue targets, adding no more than $1.5 trillion to the deficit over 10 years. Two proposals for raising revenue —– reducing the cap on pre-tax retirement plan contributions and repealing the state and local tax deduction — already have generated opposition.

“It’s going to be really tough because a lot of these trial balloons have been shot,” Becchi told The Hill.

The newspaper reported that the bill likely will be about 1,000 pages long and lobbyists may have to move quickly to digest the details and advocate for any changes before lawmakers vote on the measure. As Becchi explained, “The longer you leave the bill out there the more criticism you could be subjected to.”