Today In Washington
October 26, 2017
Source: AEO Government Relations Team, Madison Services Group
T-Day: Tax Reform
Today, the House is scheduled to vote on the Senate-passed FY 2018 Budget Resolution. The vote is expected to be close due to concerns about the possible repeal of state and local tax (SALT) deductions, and caps to the amount individuals can contribute to tax-deferred 401(k) plans. These provisions are intended to help pay for the cost of tax reform. GOP members from high-tax states like New York and New Jersey are threatening to withhold their support for the budget resolution if their concerns are not addressed. The possible 401(k) cap is also widely unpopular amongst House members. House GOP leadership plans to introduce tax reform legislation next week.
As a reminder, the Senate-passed resolution includes reconciliation language that provides $1.5 trillion over 10 years to Congressional tax-writing committees for tax reform. The House-passed resolution envisioned deficit-neutral tax reform while providing the House Ways & Means Committee $300 billion. House GOP leadership agreed to consider the Senate-passed resolution as part of a deal with Senate GOP leadership to avoid a time-consuming conference on the two resolutions.
H.Res. 586: A resolution “Recognizing the Growth and Importance of Minority Women-owned Businesses,” introduced by Representative Alma Adams (D-NC).
H.Res. 588: A resolution “Supporting the Goals and Ideals of National Veterans Small Business Week,” introduced by Representative Ryan Fitzpatrick (R-PA).
Today @ 10 a.m.: House Small Business Subcommittee on Economic Growth, Tax & Capital Access – “Financing Through Fintech: Online Lending’s Role in Improving Small Business Capital Access.” 2630 Rayburn House Office Building.
Today @ 10:30 a.m.: Senate Small Business & Entrepreneurship Committee – “Strengthening the Entrepreneurial Ecosystem for Women.” 428A Russell Senate Office Building.