The House Ways & Means Committee finishes. By party-line vote, the panel gave its final OK to the Tax Cuts and Jobs Act yesterday. But not before Chairman Kevin Brady made one more round of changes.
What happens next? The Ways & Means markup may—may—wrap up today. And Senate Finance Committee Chair Orrin Hatch may release his plan today. But it won’t be a draft bill.
“Now you were all saying…” The Joint Committee on Taxation released a new analysis of the House GOP’s Tax Cuts and Jobs Act (TCJA) yesterday that estimates 8 percent of households would pay at least $100 more in taxes than under current law in 2019, while 61 percent would get a tax cut of more than $100.
It’s mostly a business tax cut, with many winners and losers. As TPC’s Howard Gleckman explains, the new bill released yesterday by the House GOP is basically a mid-sized tax cut--aimed mostly at businesses and their owners.
“Every day you see one more card.” What we know so far: The House tax bill still is expected to be released today, through Politico reported last night that it could be delayed yet again.
Still scrambling to produce a draft bill. House GOP leaders promised they’d roll out a tax bill today, but they are still battling over details and now plan to release their plan tomorrow.
