Ways and Means Committee Approves Amended Tax Reform Bill

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On November 9, after four days of mark-ups to the original House bill, which was released on November 2, the House Ways and Means Committee  approved the GOP’s amended “Tax Cuts and Jobs Act” (HR 1) by a 24-to-16 party-line vote.  The proposed tax bill now moves to the House Rules Committee and then the House floor for debate and full vote, which is expected to be taken sometime during the week of November 13.

Also on November 9, House Ways and Means Committee Chairman Kevin Brady, (R-Tex), on November 9 offered his second amendment to the GOP tax reform bill, which was also approved by a 24-to-16 vote.

As expected, no Democratic amendments were approved over the four-day markup. Ways and Means Committee Democrats consistently voiced criticism of the bill and the rapid and closed markup process.

Next Steps for Tax Reform

The Senate Finance Committee unveiled details of its GOP tax reform proposal on November 9 (click here to read post), and there are a number of significant differences between the two proposals. These differences in  the two bills include the treatment of individual and corporate tax rates, as well as a variety of other changes. The two bills, if passed, will have to move to conference committee for an overall reconciliation where the differences can be ironed out and agreed by both chambers of Congress.

This legislation is moving hurriedly through both chambers of Congress and is expected to continue to evolve through the mark-up processes in both the House and the Senate.  Please continue to monitor our website or look for LinkedIn posts. Feel free to contact Bob Grossman or Don Johnston if you have questions about the latest developments.

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