After the Senate Finance Committee voted on party lines last week, the Tax Reform Act moved to the full Senate for consideration. Following debate on Thursday and Friday, the Senate voted early Saturday morning on their version of the tax legislation which is similar, but not identical, to the House version, which was passed earlier in the month.
Both versions of the legislation will now go to conference to reconcile the differences and should then face a House and Senate vote on the passage of a uniform tax package.
The legislative procedure should be completed prior to the winter recess on December 15 in order to be sent to the President to either veto or vote into law.
Keep watching for updates, including information on the amendments made to the bill. In the meantime, here are a few articles currently circulating in the media which can give you more details.
“Senate Passes Tax Overhaul, Securing Major GOP Victory” (The Hill)
“Senate Tax Bill Keeps Johnson Amendment Intact” (The NonProfit Times)
“Newman’s Own Tax Break: Why the GOP Bill has a Carveout for One Celebrity Charity” (Politico)
“Tax Bill Clears Senate Budget Committee” (The Hill)
“Dow Jones Gains 300 Points on Tax Reform Confidence, Hits 24,000 Mark” (NBC News)
By Barlow Mann