Congress engaged in a flurry of tax activity last week before departing for a five-week in-district work period.
The Senate Finance Committee approved legislation with bipartisan support extending a number of tax cuts, including an alternative minimum tax patch. The cuts have either expired or are scheduled to expire at the end of the year. The bill also pares back approximately 25% of the traditional tax breaks in the name of tax reform.
Meanwhile, the House passed legislation along party lines to streamline congressional procedures in hopes of easing the process of passing tax reform. The Senate isn’t expected to agree with the House version, and the House isn’t expected to agree with the Senate version, meaning further negotiation will be necessary.
Get more details on what this means for tax reform from Reuters