Tags: gop | lawmakers | rushing | finalize | tax reform

GOP Lawmakers Rushing to Finalize Tax Reform Bill

GOP Lawmakers Rushing to Finalize Tax Reform Bill

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By    |   Friday, 20 October 2017 11:04 AM

Republican lawmakers are rushing to formally draw up a tax reform bill after both the Senate and House passed their own 2018 budgets, The Wall Street Journal reports.

They are pushing to complete the bill by the end of the year, according to the Journal. They will now need just 50 votes in the Senate to pass a tax bill. But the newspaper says there is still a lot of work ahead.

First, lawmakers in both chambers will have to agree to the same budget. Despite differences, the lawmakers are hoping to expedite the process and clear the way for tax reform. But both the House and Senate also have their differences when it comes to tax reform, the Journal reported.

The House plan is expected to show income cutoffs for various tax brackets and give people the opportunity to calculate their tax bill, the newspaper said. The House bill also is expected to show which companies qualify for a special 25 percent rate for "pass-through" businesses such as S-corporations and partnerships.

Meanwhile, the Senate Finance Committee will release its own bill, which lawmakers expect will differ from the House's version.

The New York Times reported Republican lawmakers have been meeting for weeks to iron out details of their tax plans in the hope of speeding up the entire process. And the newspaper noted the last major tax overhaul in 1986 took almost 11 months to finalize.

But Republicans are under pressure to deliver a major legislative victory after months of setbacks, the Times reported. 

"Some have described Washington as the slowest town until it is the fastest town," said Rep. Peter Roskam, R-Ill., chairman of the Subcommittee on Tax Policy in the House Ways and Means Committee, "and I think that's what's going to happen here."

And Stephen Moore, a senior fellow in economics at the Heritage Foundation, said this about lawmakers' efforts: "They will look so incompetent if they don't get this done."

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Republican lawmakers are rushing to formally draw up a tax reform bill after both the Senate and House passed their own 2018 budgets, The Wall Street Journal reports.
gop, lawmakers, rushing, finalize, tax reform
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2017-04-20
Friday, 20 October 2017 11:04 AM
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