Thursday, December 14, 2017

House and Senate Strike Compromise on Final Tax Reform Legislation

House and Senate Strike Compromise on Final Tax Reform Legislation

This Sept. 27, 2017, file photo shows Senate Majority Leader Mitch McConnell, R-Ky., center, joining Speaker of the House Paul Ryan, R-Wis., and other GOP lawmakers to talk about the Republicans’ proposed rewrite of the tax code for individuals and corporations, at the Capitol in Washington. The Republican tax plan will deliver a swift adrenaline shot to the economy that will send hundreds of billions pouring into federal tax coffers, the Trump administration asserts in a new analysis. House and Senate negotiators are rushing to finalize the tax legislation and deliver the promised measure to President Donald Trump before Christmas. Trump will try on Wednesday, Dec. 13, 2017 to sell the American people on an unpopular GOP tax overhaul. (AP Photo/J. Scott Applewhite, file)
Senator Mitch McConnell (R-KY) flanked by members of both House and Senate

The House and Senate struck a deal on the final Republican version of the Republican Tax Cuts and Jobs Act on Wednesday.  It's the goal to pass the bill before Christmas.  The Bill has already been passed by both the House and Senate and is now going through a conference committee to reconcile the differences between the two bills.  Republicans still need to draft the final details.  Republican leadership hopes to unveil the final tax reform legislation this week.  Passing the Tax Cuts and Jobs Act would give President Trump and the Republicans the first major legislative victory after the Senate failed to repeal Obamacare multiple times.  The Senate-passed Tax Cuts and Jobs Act repealed the individual mandate.  The deal sets the top rate at 37%, down from 39.6% and lower the Senate bill's proposed rate.  The compromise tax rate would set the corporate tax rate at 21%, higher than the House's proposed 20%.  President Trump stated that passing the tax reform bill will will ensure a "Merry Christmas" for the country.  Click on the above link for other details.

No comments:

Post a Comment