On December 20, 2017, the Senate and House of Representatives passed the same tax bill, which opened the door for President Trump to deliver significant changes to the United States tax code. The Senate passed the tax bill by a vote of 51-48. The House of Representatives passed the tax…
Category: CS Blog
After the House of Representatives and Senate passed different versions of the “Tax Cuts and Jobs Act,” a conference committee was appointed to reconcile the two tax bills. On December 13, 2017, the conference committee reached a consensus on a revised “Tax Cuts and Jobs Act.” Both chambers must pass…
On November 16, 2017, the House of Representatives approved its version of the “Tax Cuts and Jobs Act” (the “Act”) by a vote of 227-205. All Democrats and 13 Republicans voted against the tax bill. Although potential obstacles still exist, Republicans are one step closer towards enacting comprehensive tax reform.…
On November 2nd, the House Ways and Means Committee unveiled the first draft of the “Tax Cuts and Jobs Act.” The House Ways and Means Committee will revise the “Tax Cuts and Jobs Act” during its mark-up session beginning on November 6th. However, the initial draft of the “Tax Cuts…
As explained in Part 2 of “Tax Reform Now”, Republican lawmakers sought an outright repeal of the state and local tax deduction (“SALT deduction”) in order to offset tax cuts. After encountering criticism from both political parties and lobbyists, Republican lawmakers have renounced this position. Although the new tax reform…