The House has now passed its version of the Tax Cuts and Jobs Act. The Senate is still working on the final details of its reform package. Here are the differences you need to know.
Following the House’s 227-205 vote Thursday to pass its version of the Republicans’ tax reform bill, all eyes now move to the Senate, where a committee vote is expected Friday.
The House passed a comprehensive tax reform bill Thursday in a significant step toward fulfilling the GOP leadership’s goal of placing a bill on President Donald Trump’s desk by the end of the year.
Senate Republicans announced Tuesday that their draft of the tax reform bill will repeal a key feature of Obamacare that penalizes consumers for choosing to go uninsured, in a move that could imperil the legislation by alienating centrists.
The package could do so much more if the tax writers were not so captured by static analysis paralysis and afraid of being accused of favoring the rich. As a consequence, the Tax Cuts and Jobs Act is mostly small ball.
Senate Republicans released a tax plan Thursday distinct from the House plan in that it delays the corporate tax cut until 2019, but would slightly cut the top individual rate and keeps the status quo in the number of brackets.
We are, alas, well into the era of bitter partisan conflict with high stakes, improbable revenue projections, irreducible federal spending and steadily growing national debt. The current bill will make large and worthwhile changes in the tax code, but falls short of restoring a bright fiscal future.
If House Republicans are successful at passing The Tax Cuts and Jobs Act, it will mark the first time in more than three decades that Americans will have a chance to experience the benefits of comprehensive, pro-growth tax reform.
As president of the Senate, Pence has the power to sidestep a procedural practice that stands to threaten tax reform, just as it threatened every Republican Obamacare repeal and replace attempt in 2017.