Today in Washington: November 28, 2017
November 28, 2017
Source: AEO Government Relations Team, Madison Services Group
Tax Reform: Ready, Set, Go!
Today, the Senate Budget Committee is scheduled to vote on the Senate GOP version of the “Tax Cuts and Jobs Act.” The vote is expected to be close. Senator Ron Johnson (R-WI), a Committee member, has come out against the bill amid concerns that it does not do enough for pass-through entities. Senator Bob Corker (R-TN), who also sits on the Senate Budget Committee, has indicated that he could vote against the bill amid concerns about the deficit. The GOP holds a slim one-seat majority on the Committee, making today’s vote a crucial test of the viability of the Senate tax reform package. President Trump is expected to attend a Senate GOP lunch to rally support.
Today, President Trump is scheduled to meet with House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), House Minority Leader Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) in separate meetings to discuss a way forward on government spending for the balance of FY 2018. The federal government is operating on a Continuing Appropriations Resolution (CR) that expires on December 8.
Microbusiness in America
Yesterday, the SBA Office of Advocacy released a report on the impact of microbusiness on the national economy. Some takeaways:
- Microbusinesses accounted for 11% of the 13.7 million new jobs between 2010-2016.
- In 2014, 64% of microbusinesses were over five years old and accounted for 67% of microbusiness employment.
- America’s 3.8 million microbusiness employers made up 74.8% of all private sector employers in 2016, and they provided 10.3% of the private sector jobs.
Small Business & Tax Reform
Today at 10:30, Senate Small Businesses & Entrepreneurship Committee Chair Jim Risch (R-ID), Small Business Administration (SBA) Administrator Linda McMahon and small business advocates will host an event to highlight the importance of tax reform for America’s small businesses. You can find the Committee announcement here.
Tomorrow @ 2:30 p.m.: Senate Budget Committee hearing - “To Consider FY 2018 Reconciliation Legislation.” 608 Dirksen Senate Office Building.
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.