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Nunes’s Proposed Legislation Would Consider Inflation in Determining Capital Gains Tax

Devin Nunes, a Republican member of the House Ways and Means Committee, has introduced legislation to index capital gains for inflation. Under Nunes’s legislation, the tax basis of a capital asset for purposes of calculating capital gains would be adjusted for inflation. Republican Senator Ted Cruz has introduced similar legislation in the Senate, and Congressional Republicans are...

Tax Law Discourages U.S. Investment and Leaves Taxpayers in the Dark, According to New Report from Senate Finance Democrats

A recent report released by the Senate Finance Committee ranking member Ron Wyden asserts that the new tax legislation has resulted in “more complexity, loopholes and incentives to ship jobs overseas.” According to the report, the global intangible low taxed income (“GILTI”) provisions create a new web of complexity and leave taxpayers in the dark regarding future investment decisions....

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...

House Passes Revised Bill; Senate to Vote as Early as Tonight

The House has passed the Tax Cuts and Jobs Act, as revised by the Conference Committee, along party lines. The bill will now go to the Senate, who may vote as early as this evening. Should the bill pass both houses, it will be sent to President Trump to sign into law. Read more:  House Passes Final Tax Bill; Senate Votes Next on Republican...

Congress to Begin Voting on the Tax Cuts and Jobs Act Today

With the Conference Agreement finalized, the Agreement must be approved by both the House and Senate, and once approved, it will head to President Trump for his signature. The House is expected to vote later today, and the Senate will vote soon afterwards, either today or tomorrow. Read more:  Tax Voting Starts...

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...

Conference Committee to Release Tax Bill and Report Tonight but Passage not Guaranteed

The conference committee has announced they will approved a conference report on the final version of the Tax Cuts and Jobs Act. The report and the bill text will be released tonight. The Republicans can only afford to lose two votes in the Senate in order to pass the final version.  Senator Marco Rubio announced that he will not support the tax bill unless Senate Republicans are able...

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...

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...

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...

Increased Support Among Senate Republicans For Tax Bill But Some Opposition Remains

The Senate voted today on party lines to proceed with floor debate on the tax bill. Recently, there has been increased support for the tax legislation among Senate Republicans. Senators James Lankford and Jerry Moran, both former holdouts, indicated that they would support the legislation. Senators Ron Johnson and Bob Corker, vocal critics of the bill, both voted in favor of the bill...

Senate Budget Committee Passes the Tax Cuts and Jobs Act

The Senate Budget Committee has passed the Tax Cuts and Jobs Act on a 12-11 vote. This procedural hurdle was necessary for the bill to be considered on the floor of the Senate. Read more: Senate Budget Committee Advances GOP Tax...

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...


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