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GOP: Tax Bill On Track to Pass Before Christmas

Image: GOP: Tax Bill On Track to Pass Before Christmas

By    |   Tuesday, 12 Dec 2017 01:04 PM

Republicans are still aiming to pass a major tax overhaul before Christmas, House Speaker Paul Ryan said at a weekly leadership press conference on Tuesday, CBS News reported.

Pronouncing "that we are so close to the finish line," the Wisconsin Republican called the legislation “a once in a generation opportunity” that will enable people to keep more money from their “hard-earned dollars.”

House and Senate Republicans, who are spending this week reconciling the differences between their two tax plans, will hold a public hearing on their developing proposal on Wednesday and hope to hold votes on a final agreement next week.

Even though there remain dozens of differences between the House and Senate bills that have yet to be reconciled, Ryan said after meeting with fellow House Republicans privately at the party headquarters near the Capitol that “We are going to keep at it so that we deliver real tax relief before Christmas,” the Washington Examiner reported.

House Majority Leader Kevin McCarthy said he hopes the conference of House and Senate lawmakers will manage to draft a final bill as early as next Tuesday so that the chamber can be in session to consider the legislation.

"We look forward to scheduling this bill after they are done with their work, posting it and giving it the appropriate time so everyone can read it," McCarthy said. "Then passing it and sending it to the president’s desk."

Ryan defended a controversial one-page Treasury Department analysis stating that the economic growth from the tax reform bill will create enough revenue for government coffers to make up for the money lost due to the lower tax rates.

The Treasury analysis is significantly more optimistic than one put out by the Joint Committee on Taxation, which predicted the tax cuts in the legislation would add $1 trillion in debt.

However, Ryan dismissed the Joint Tax analysis by saying that it "gave us the low range" for economic growth, while praising the Treasury analysis for utilizing a model “more reflective of how the world actually works,” predicting that the legislation is "going to have a big positive dynamic effect."

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House Speaker Paul Ryan said Republicans are still aiming to pass a major tax overhaul before Christmas.
house speaker, paul ryan, tax bill
Tuesday, 12 Dec 2017 01:04 PM
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