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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...

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...

Conference Committee Working to Resolve House and Senate Differences

Conference Committee negotiators in the House and Senate over the weekend did not reach a compromise on the different versions of the Tax Cuts and Jobs Act. The main issues include the timing of the 20% corporate rate cut and whether to allow deductions for state and local taxes. Currently, Congressional Republicans hope to finalize the bill by December 20th, and Kevin Brady, Chair of...

Brady Indicates That Tax Legislation Will Include Repeal of Individual Mandate

The Senate voted to go to conference in order to reconcile their tax bill with the House Tax bill today. However, there are many differences that need to be worked out between the two bills. Key differences include the repeal of the alternative minimum tax, the implementation timing of the corporate tax rate reduction, and the repeal of the individual mandate. The repeal of the...

House Sends Tax Cuts and Jobs Act to Conference Committee

The House voted Monday to send the Tax Cuts and Jobs Act to conference committee to resolve the differences between the House and Senate versions of the bill. The committee has 14 House total members, 9 Republican and 5 Democratic. The Republican members are: Keven Brady (the Chair of the House Ways and Means Committee), Ron Bishop, Diane Black, Kristi Noem, Devin Nunes, Peter Roskam,...

House Ways and Means Committee Releases an Amendment to the Amendment in the Form of a Substitute to Tax Reform Bill

Kevin Brady, Chairman of the House Ways and Means Committee, submitted an amendment to the previously amended the Tax Cuts and Jobs Act. The amendment is expected to be approved by the House. Read the amendment and a summary of the changes here.

Ways and Means Committee Amends the Tax Cuts and Jobs Act

On Monday, the House Ways and Means Committee approved an amendment offered by Kevin Brady to the proposed tax reform bill. The amendment revises the rules targeting the international base erosion by providing a foreign tax credit, among other items. This amendment also imposes an additional holding period requirement for capital gain on carried interest, increasing the holding period...

Senate Bill Anticipated Later This Week; House Begins Markup of Their Tax Reform Legislation

  The House Ways and Means Committee began marking up the GOP tax bill this afternoon, and the process is expected to continue until Thursday. The markup will start with opening statements and then amendments are expected to be introduced throughout the week by Chairman Kevin Brady.  With the floor open to Democrats, discussions and amendments are anticipated to focus on the...

Delayed Tax Reform Bill Is Expected To Be Released Thursday

Kevin Brady, the Republican chair of the House Ways and Means Committee, stated that the tax reform bill will be released on Thursday. The bill was originally slated to be released today but there are still several unsettled matters related to the plan, such as the in threshold for the top marginal individual tax rate. The Ways and Means Committee remains set to mark up the bill on...

Set Phasers to Stun: Corporate Tax Cuts May Be Delayed Under Phase-in Plan

An unnamed member of the House Ways and Means Committee stated Monday that the Committee is discussing a phase-in plan for the corporate tax-rate cut. In response, Kevin Brady, Chairman of the House Ways and Means Committee, said only that the Committee preferred an option with no phase-in. Both President Trump and Treasury Secretary Steve Mnuchin also expressed their preference for an...

Even with Concession on Property Tax Deductions, Tax Bill Aimed for Wednesday Release Faces Early Opposition

Kevin Brady, Chairman of the House Ways and Means Committee, announced that the House’s tax plan will allow individuals to deduct their state and local property taxes from their federal returns, “to help taxpayers with local tax burdens,” although not their state and local income or sales taxes. However, the National Association of Home Builders has already voiced its opposition to the...

State and Local Tax Deduction Presents a Potential Roadblock to Tax Reform

Republican leaders are counting on a swift vote on the budget in order to meet their end-of-year deadline for passing tax reform.  However, House Republicans from high-tax states like New York, California, Illinois, and New Jersey indicated that they might not vote to pass the budget on Thursday unless they receive a guarantee that tax reform will not eliminate the State and Local Tax...

“Trick or Treat?: Top House Republicans Discuss Timing for Release of Tax Reform Bill”

Yesterday, Rep. Mark Meadows, Chairman of the House Freedom Caucus, revealed that he has been promised that the text of the tax reform bill will be published by November 3rd; he expects a vote on the legislation prior to Thanksgiving. Rep. Kevin Brady, chairman of the House Ways and Means Committee that is currently drafting the legislation, offered a less-specific timeline, saying...

Tax Reform Outline to be Released Week of September 25

House Ways and Means Committee Chairman Kevin Brady announced that a tax reform framework that identifies the “consensus” core elements of tax reform will be released the week of September 25 when Congress returns from their break. Brady also confirmed that the objective is still to enact tax reform legislation this year and that the intention is to do so through budget reconciliation....


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