Today in Washington: December 6, 2017
December 6, 2017
Source: AEO Government Relations Team, Madison Services Group
Appropriations Watch: On the Clock Day 3
House GOP Leadership has pushed a vote on a two-week continuing appropriations resolution (CR) to Thursday. The CR vote — scheduled for today — was delayed yesterday due to opposition from the House Freedom Caucus who are advocating a CR that goes to December 30, citing the two-week extension as giving Democrats too much leverage in negotiations. Congressional GOP Leadership eventually decided to go ahead with a CR that expires on December 22 due to Senate rules that would require at least eight Senate Democrats to pass the spending measure. As a reminder, the federal government is operating on a CR that expires on Friday.
Tax Reform Update
Today, the Senate is expected to begin 10 hours of debate on a motion to conference with the House on tax reform. Among the issues conferees will have to reconcile is the treatment of pass-through entities. The House bill generally taxes pass-throughs at a 25% tax rate. The Senate bill provides a 23% tax deduction. The U.S. Chamber of Commerce, an initial supporter of tax reform, is advocating for the removal of the corporate Alternative Minimum Tax (AMT). The corporate AMT was a last-minute addition to the Senate bill, intended to pay for an increase of the pass-through deduction from 17.4%. The Senate is expected to vote on the measure tomorrow.
December 4, 2017
Today in Washington
After passing its Tax Cuts and Jobs Act in the early morning hours Saturday, the Senate will now conference its bill with the House version to come up with a single bill to send to the President.
December 1, 2017
Today in Washington
Yesterday, the Joint Committee on Taxation released their dynamic score of the Senate’s Tax Cuts and Jobs Act, which stated that the bill will add $1 trillion to the deficit over ten years.