Over the last month, both the U.S. House and Senate have unveiled their respective tax bills, bringing Congress one step closer to delivering the most sweeping overhaul of our nation’s tax code in more than 31 years.
With 227 votes in favor and 205 against, the House passed their version of the tax bill (Tax Cuts & Jobs Act) two weeks ago. The Senate Budget Committee advanced its own version of the bill yesterday, paving the way for a Senate Floor debate and vote later this week. Once the Senate passes its version of the bill, it will go to conference committee where the two versions will be reconciled. The bill is being considered under budget reconciliation, a process that will allow the bill to pass the Senate with only 51 votes. President Trump has made it a priority to have a tax reform bill on his desk by the end of the year.
Your Chamber has been actively engaging members on the issue of comprehensive tax reform. Members have raised concerns about provisions that will affect financing for infrastructure and housing development, research and development, as well as education and workforce training. Chamber President and CEO, Richard Perez submitted a letter to Senator John Cornyn (R-TX), Senator Ted Cruz (R-TX) and Chairman Orrin Hatch (R-UT) urging the Senate to consider and approve comprehensive, pro-growth tax reform legislation that will lead to higher wages and catalyze broad economic growth. Click here to view the letter.
Both bills have a long way to go in the legislative process before they reach the President’s desk. Throughout the process, the bill will likely receive numerous amendments and changes. The Chamber believes in the legislative process and is confident that Congress will deliver pro-growth tax reform that works for all businesses – large and small with a responsible eye toward the federal deficit.
The Chamber supports comprehensive tax reform that will create jobs, grow paychecks and fairer taxes. We will stay engaged with legislators throughout the legislative process and encourage local businesses in the community to do the same. Staying engaged on this critical issue helps lay the groundwork for our 2018 SA to DC trip in January 2018.
For more information on the major differences between the House and Senate tax reform bill, click here.