On November 16th , the Senate Finance Committee approved its version of the Tax Cuts and Jobs Act, sending the bill to the full Senate for debate and a vote. The Senate is expected to take up the bill after it returns from its Thanksgiving recess. Once it is approved by the Senate, these two bills will need to be reconciled and approved by Congress before it is sent to President Trump to be signed. The U.S. House of Representatives passed the Tax Cuts and Jobs Act bill, H.R. 1, by a vote of 227–205, on Thursday afternoon, November 16th with all Democrats and 13 Republicans voting no. The legislation as passed had not been amended since its approval by the House Ways and Means Committee last week.
The following extensive, but not exhaustive list compares the major differences between the House and Senate tax reform bills and current tax law.
What’s Next?
The House and Senate must then reconcile the two bills. After reconciliation, the House and the Senate must vote on the final bill and send it to the president before the end of the year. If it doesn’t add more than $1.5 trillion to the national debt over the next ten years, it can pass the Senate with a 51-vote majority. Otherwise, it would require a 60-vote majority to pass, which would be unlikely given the Democratic opposition to the plan.
We will keep you updated as the legislative process moves forward.
