House and Senate Strike Compromise on Final Tax Reform Legislation
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 The Senate-passed Tax Cuts and Jobs Act repealed the individual mandate.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.