The House of Representatives today passed its tax bill (H.R. 1) by a 227-203 vote. The bill sets a permanent 20 percent corporate tax rate, doubles the estate and generation skipping tax exemption (leading to repeal in 6 years), institutes a new system for calculating taxation of pass-through income, eliminates the AMT and most itemized deductions, and condenses existing tax brackets, among myriad other changes. Passage is an important step toward what Republicans say is critical legislation. Next, the Senate Finance Committee will vote on its version of tax reform, which phases in the lower corporate rate and has various other changes that differ from the House bill and will need to be resolved in reconciliation with the House.
Categories
- Firm News (386)
Archives
- January 2021 (2)
- December 2020 (5)
- November 2020 (4)
- October 2020 (4)
- September 2020 (1)
- August 2020 (1)
- July 2020 (4)
- June 2020 (3)
- May 2020 (2)
- April 2020 (6)
- March 2020 (1)
- February 2020 (5)
- January 2020 (11)
- December 2019 (4)
- July 2019 (1)
- November 2018 (1)
- October 2018 (1)
- September 2018 (4)
- August 2018 (5)
- July 2018 (4)
- June 2018 (4)
- May 2018 (7)
- April 2018 (4)
- March 2018 (5)
- February 2018 (4)
- January 2018 (5)
- December 2017 (9)
- November 2017 (6)
- October 2017 (6)
- September 2017 (9)
- August 2017 (5)
- July 2017 (4)
- June 2017 (6)
- March 2017 (2)
- January 2017 (1)
- December 2016 (1)
- November 2016 (1)
- October 2016 (2)
- August 2016 (3)
- April 2016 (1)
- March 2016 (2)
- February 2016 (2)
- January 2016 (4)
- December 2015 (2)
- November 2015 (4)
- August 2015 (4)
- July 2015 (2)
- June 2015 (9)
- March 2015 (1)
- February 2015 (3)
- January 2015 (1)
- December 2014 (1)
- November 2014 (1)
- October 2014 (5)
- September 2014 (4)
- August 2014 (3)
- July 2014 (1)
- June 2014 (3)
- May 2014 (3)
- April 2014 (9)
- March 2014 (4)
- January 2014 (3)
- December 2013 (4)
- November 2013 (12)
- October 2013 (5)
- September 2013 (6)
- August 2013 (6)
- July 2013 (6)
- June 2013 (6)
- May 2013 (3)
- April 2013 (5)
- March 2013 (4)
- February 2013 (7)
- January 2013 (5)
- December 2012 (4)
- November 2012 (3)
- October 2012 (3)
- September 2012 (3)
- August 2012 (2)
- July 2012 (3)
- June 2012 (5)
- May 2012 (5)
- April 2012 (5)
- March 2012 (4)
- February 2012 (1)
- January 2012 (4)
- December 2011 (5)
- November 2011 (4)
- October 2011 (2)
- September 2011 (5)
- August 2011 (2)
- July 2011 (3)
- June 2011 (6)
- May 2011 (5)
- April 2011 (6)
- March 2011 (4)
- February 2011 (6)
- January 2011 (2)