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Congress Adopts Budget, Sets Up Tax Bill
The House of Representatives adopted a final Fiscal Year 2018 budget that includes a legislative process which will allow GOP lawmakers to pass tax reform with a simple majority in the Senate. All Democrats and 20 Republicans voted against the measure.
House Ways and Means Chairman Kevin Brady (R-TX) said, “Our successful vote will allow us to move forward quickly on delivering the first overhaul of America’s tax code in more than three decades.”
The House plans to introduce a tax reform bill on November 1, and beginning on November 6, the Ways and Means Committee will consider the legislation in a committee markup.
The nonbinding, $4-trillion House budget resolution follows the Senate’s approval of the same budget. It allows for tax cuts that reduce federal revenue by up to $1.5 trillion over 10 years. Senate Republicans say cuts will be offset by economic growth.
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- ◦Economy
