On Sept. 25, the Trump Administration, House Committee on Ways and Means, and Senate Committee on Finance released a framework that would make major changes to the federal tax code. The House of Representatives approved a budget resolution in October that would allow any tax cuts to increase the federal deficit by up to $1.5 trillion over 10 years. The Senate is expected to vote on the budget resolution the week of Oct. 16.

Congressional Republicans are expected to use the budget reconciliation process as the legislative vehicle for tax reform. That would permit the Senate to bypass certain procedural hurdles and allow a simple majority to approve a tax overhaul package.

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POSTED ON: 12/22/2017