On October 25, 2017, the Georgetown University Institute of Politics and Public Service, in partnership with EY, had the honor of welcoming the Director of the Office of Management and Budget (OMB), Mick Mulvaney. The discussion centered around the Trump Tax Reform and was moderated by Cathy Koch, EY’s Americas Tax Policy Leader and GU Politics Advisory Board member.
The conversation between the two Georgetown alumni began by discussing the role of the OMB. Director Mulvaney pointed out that OMB manages the flow of money from the treasury to any governmental agency. He discussed the significance of the OMB within the executive branch as well as its participation in debates about regulations and executive orders.
Responding to the moderator’s question about his involvement in the unified framework, Director Mulvaney discussed the two main pillars of the tax reform: lower, simpler to fill taxes for the middle-class and lower corporate taxes. The two then spoke about the dynamic versus static interpretation of the tax reform. Director Mulvaney explained how the tax reform they have been working on is a dynamic one, meaning that it centers on lowering taxes but also considers how decreasing taxes would lead to economic growth to offset the loss of tax revenue with other positive gains in the economy. He also emphasized that, in a progressive tax system as the one in the U.S., any tax cut along any tax bracket would result in “a tax cut to the rich.” Before shifting to audience’s questions, the moderator invited the Director to advise young people who want to get involved in politics.
Lastly, the discussion moved to audience’s questions which ranged from state and local tax deductions to cuts on retirement plans and government deficit. Thank you to all those who joined us for this insightful discussion about the tax reform! #EYGUTaxReform