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Potential Phase Two of Tax Legislation Focuses on Making Individual Tax Changes Permanent

House Republicans intend to roll out a second package of tax cuts this summer. The focus of the new bill is to make the individual tax cuts permanent, but it may also include other changes, such as cutting capital gains taxes and including incentives to boost business innovation. House Ways and Means Committee Chairman Kevin Brady anticipates that the new bill would be approved in the...

Title: Tax Bill Passes in House

House Republicans voted to pass the Senate’s revised version of the Tax Cuts and Jobs Acts today. Read More: House sends sweeping GOP tax bill to Trump’s desk

Tax Bill Passes in Senate Wednesday Morning, House Expected to Vote (Again) Later Today

Senate Republicans voted to pass a revised version of the Tax Cuts and Jobs Acts early Wednesday morning. The House voted yesterday in favor of the legislation, however several minor provisions of the bill did not comply with Senate rules and had to be removed. The House is expected to vote on the revised version of the bill sometime today. Read More:  Senate passes sweeping GOP tax...

Conference Committee Agreement Released for Tax Cuts & Jobs Act

House and Senate Republicans unveiled their collective tax bill with the Conference Report and Agreement early Friday night. The text follows the Senate bill, but resolves differences between the Senate and House bills, and makes modifications and clarifications throughout. Republicans are expected to vote this week. Conference Report and Bill Read more: GOP unveils sweeping tax...

With a Consensus Tax Bill, Christmas May Come Early for Republicans

An agreement between Senate and House Republicans on a tax bill was finalized Wednesday morning. According to lawmakers and reports from aides, Senate and House Republicans have agreed to provisions including the following: • Corporate tax rate will drop from 35% to 21%, to go in effect in 2018. • Individuals will be allowed to deduct up to $10,000 in state and local taxes, split...

House-Senate Conference Committee Meeting on Republican Tax Reform Bill Held Today

The House-Senate Conference Committee met today to discuss the previously passed Senate and House versions of the Tax Cuts and Jobs Act. During this meeting the Chief of Staff of the Joint Committee on Taxation, Thomas Barthold, provided a brief overview of the key differences in the tax bills and answered questions regarding the two bills in question. This is the only such meeting of...

Senate Releases Modification to the Chairman’s Mark of the Tax Cuts and Jobs Act

The Senate Finance Committee Chairman, Orrin Hatch, has released a modified version of the chairman’s mark for the Tax Cuts and Jobs Act.  Read the full text here: Description of the Chairman’s Modification to the Chairman’s Mark of the Tax Cuts and Jobs...

Senate Releases JCT Description of the Committee on Finance’s Markup of the Tax Cuts and Jobs Act

The Senate Committee on Finance released the description of the Chairman’s markup on the Tax Cuts and Jobs Acts, prepared by the Joint Committee on Taxation, in anticipation of the Senate’s markup process, starting Monday, November 13. 2017. Read the description here; read the estimated revenue impact...

Joint Committee on Taxation Releases Description of the Tax Cuts and Jobs Act

The Joint Committee on Taxation has published the description of the House’s recently released tax legislation, the Tax Cuts and Jobs Act, which contains an explanation of the various bill provisions. The House Committee on Ways and Means has scheduled a markup on November 6, 2017. 2017 Read the full report.  Read the description of the...

Ways and Means Committee Hears Testimony on Border Adjustment Tax

On Tuesday, May 23rd, the House Ways and Means Committee, led by Chairman Kevin Brady, held its second hearing on tax reform, entitled “Increasing U.S. Competitiveness and Preventing American Jobs from Moving Overseas.”  The hearing concentrated on the practicality and effects of the proposed border adjustment tax on the economy.  Chairman Brady was critical of the ‘Made in America’...

Joint Committee on Taxation Releases Report on Destination-Based Taxes and Border Adjustment.

In anticipation of the House Ways and Means Committee hearing on the border adjustment tax included in the House Republicans’ Blueprint, the Joint Committee on Taxation has released a report on destination-based taxes and border adjustment. The report discusses the rationale behind destination-based taxes and describes various proposals for destination-based taxes leading up to the...

Differing Opinions Over Economic Growth

A study, commissioned by Koch Industries and conducted by Quantria Strategies, concludes that a corporate tax rate cut is more effective than full expensing to achieve economic growth.  A recent report issued by the Joint Committee on Taxation (JCX-19-17), however, offers a contrary view, suggesting that slowing cost recovery methods could reduce investment despite a corporate tax rate...