Eversheds Sutherland Tax Reform Law Blog
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All in a Late Night’s Work: Senate Passes Tax Bill

At approximately 2:00 a.m. on Saturday morning, the Senate passed its tax reform bill with a vote of 51-49. Changes to the bill, including some handwritten into the document, were made leading up to the final vote. The only Republican to vote against the bill was Senator Bob Corker who has continued concerns regarding the estimated $1+ trillion deficit over the next 10 years. Corker...

Senate May Vote on Its Tax Reform Bill as Early as Thursday, but There Are Hurdles to Overcome

At least a half dozen Republican senators have shown concern about the Senate version of the Tax Cuts and Jobs Act, threatening the passage of the bill by the end of this year. The bill, passed out of the Senate Finance Committee on November 17, faces its next major hurdle from the Senate Budget Committee who will meet Tuesday, November 28, to add a revenue-raising measure allowing...

Senate Tax Bill Differs from House Bill in Treatment of Multinationals

The Senate recently released the legislative text of their version of the tax bill. The bill defers in several key respects from the House bill in its treatment of the income of multinational companies, particularly in the way that it addresses global intangible low-taxed income, foreign derived intangible income, and base erosion. The Senate vote could occur as early as November 30th....

White House Officials State Willingness to Sacrifice Health Care Provision for the Tax Reform Greater Good

The White House Budget Director, Mick Mulvaney, indicated that the Trump Administration is willing to strike the health care provision in the Senate’s proposed tax legislation repealing the requirement that everyone in the U.S. have health insurance or pay a fine. Striking this provision would leave the Senate $338 billion short of their revenue goal and would require Republican...

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...

Orrin Hatch to introduce Senate tax reform bill amendments changing 401(k), IRA classifications

The Senate Finance Committee has released a full list of the proposed amendments to the Tax Cuts and Jobs Act currently under consideration. Chairman Senator Orrin Hatch will present several amendments to the Senate’s tax reform bill during the mark up. His proposal includes a provision allowing publicly traded companies to deduct up to 12.5% of dividends paid to shareholders from...

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...

President Trump Urges House Republicans to Adopt the Senate-Approved Budget to Speed Up Tax-Reform Process

President Trump and Vice President Mike Pence urged House Republicans on a conference call yesterday to speed up the tax reform process by adopting the Senate-approved budget without further amendments. The chairwoman of the House Budget Committee, Rep. Diane Black, as well as Speaker Paul Ryan also voiced their support for the passage of the Senate budget this week. The end of this...

McCain Announces Support for Budget Resolution

Sen. John McCain buoyed GOP tax reform hopes by announcing his support for the Senate budget resolution, set for a vote later this week.  Debate on the resolution began midday Tuesday following a 50-47 vote, split along party lines, to move the process forward.  While Sen. John Thune expressed optimism toward passing the resolution, some Senate Republicans remain uncommitted, including...

Senate Republicans to Vote on Fiscal Year 2018 Budget

Senate Republicans anticipate voting on the fiscal year 2018 budget this week, allowing their tax plan to add up to $1.5 trillion to the deficit over the next ten years.  The resolution will also contain provisions allowing the GOP to pass the tax reform bill, promised to be brought to the floor by year’s end, by a simple majority and avoid a Democratic filibuster in the Senate.  While...

McConnell Confirms Intent to Use Budget Reconciliation to Pass Tax Reform

Senate Majority Leader Mitch McConnell, in response to the Senate Democratic Caucus’s August 1st letter urging bipartisan tax reform, stated that the GOP will need to utilize the reconciliation process to avoid a Senate filibuster.  He suggested that the demands set forth by Senate Democrats indicated that they did not share Republican priorities regarding tax reform.  However,...