House Conservatives Say Tax Bill Draft Is Coming Within Days
By Bloomberg. House and Senate leaders laid out an ambitious schedule for drafting and releasing tax legislation over the next few weeks — a set of deadlines that must be met to try to achieve President Donald Trump’s goal of delivering major tax-rate cuts by year’s end.
House Freedom Caucus Chairman Mark Meadows said Monday he’s been promised that the House Ways and Means Committee will release its plan about seven days after this Thursday’s scheduled vote on a budget resolution. That would mean a bill text would be published on or before Friday, Nov. 3.
On Monday evening, Ways and Means Chairman Kevin Brady said only that the timing for a bill “is very shortly.”
“On the day that budget is approved, signed, sealed and delivered,” he’ll announce plans for marking up tax legislation, said Brady, a Texas Republican. He said during the annual meeting of the Securities Industry and Financial Markets Association that “the timing is accelerated” for tax legislation after the House decided to vote on the Senate’s version of the budget. (Read more from “House Conservatives Say Tax Bill Draft Is Coming Within Days” HERE)
_____________________________________________
Trump’s Promises Narrow GOP’s Options on Tax Bill
By The Washington Post. Republicans are accelerating efforts to fill in key details of their plan for massive tax cuts, but as lawmakers work to turn their proposal into legislation, President Trump’s numerous tax promises are proving difficult to keep.
On Monday, Trump promised the party would not touch tax benefits for 401(k) retirement plans, protecting a popular benefit for more than 50 million Americans but also further limiting the areas where Republicans could seek to raise new revenue.
His vow to protect 401(k) plans, made in a Twitter post, comes just days before House Republicans are planning to introduce a bill that would dramatically slash corporate tax rates, consolidate tax brackets for families and individuals, and eliminate the alternative minimum tax and estate tax. (Read more from “Trump’s Promises Narrow GOP’s Options on Tax Bill” HERE)
Follow Joe Miller on Twitter HERE and Facebook HERE.
