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House Passes Tax Cuts & Jobs Act... Onto The Senate

by MICPA | Nov 20, 2017   ()
The House passed its version of the Republican tax overhaul Thursday, a key win for President Trump and House Speaker Paul D. Ryan (R-Wis.). This sweeping reform would enact $1.5 trillion in tax cuts for businesses and individuals. However, obstacles remain in the Senate, which is refining its own version of the legislation amid objections from several GOP senators.

The bill passed with 227 votes in favor and 205 against. 13 Republicans voted against the bill. No Democrats voted for it. As of Wednesday morning, fewer than a dozen of the 240 House Republicans were opposing the bill or had lodged strong objections. The GOP could have lost up to 22 votes and still passed the bill Thursday.

 

WHAT TO LOOK FOR NEXT?
The Senate Finance Committee continued a multiday meeting to debate and amend the bill on Thursday. Chairman Orrin G. Hatch (R-Utah) said Wednesday that the session could drag into the weekend as senators process hundreds of amendments that have been filed, most of them by Democrats who are seeking to highlight unpopular parts of the bill.
Several other GOP senators, including Bob Corker (Tenn.), John McCain (Ariz.), and Lisa Murkowski (Alaska), have yet to declare support for the bill. And, with key Republican senators currently voicing opposition, including Ron Johnson (Wisc.), and the GOP holding only a two-vote Senate majority, the bill could still change drastically.

 

You can also view a summary of the Act by U.S. House of Representatives Committee on Ways and Means by clicking here.
Source: MICPA
Source: MICPA

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