New Tax Law Process

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

You may wonder why it’s taking so long for Congress to pass a new tax law. Right now, there are two versions of a bill, one in the House and one in the Senate. Both chambers need to agree on a single bill. The compromise version will then be voted on by the House and Senate. If passed, the bill will be sent to the President to sign. Overshadowing a resolution of the conflicting tax provisions is the need to stay within the Senate’s reconciliation rules, which bar adding to the deficit after a 10-year period, in order to pass the measure there by a simple majority.

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