Prospects for Year-End Tax Legislation Dim

Democratic members of the Senate Finance Committee, including Benjamin Cardin and ranking minority member Ron Wyden, have expressed doubt that the Retirement, Savings and Other Tax Relief Act of 2018 will pass this year.  While the bill includes provisions for the retroactive application of tax extenders through 2018, several technical corrections to the Tax Cuts and Jobs Act, and clarification of deemed repatriation overpayments (via a manager’s amendment), the size and contents of the package have been met with opposition from both parties in the House and Senate.  The House’s initial November 30th vote on the bill was postponed to allow additional time to review the provisions, and it subsequently cancelled all votes scheduled for the week of December 3rd, in the wake of George H.W. Bush’s passing.

Read More:  Senate Democrats Cast Doubt on Tax Deal in Coming Months  (paywall)

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