On November 2nd, the House Ways and Means Committee unveiled the first draft of the “Tax Cuts and Jobs Act.” The House Ways and Means Committee will revise the “Tax Cuts and Jobs Act” during its mark-up session beginning on November 6th. However, the initial draft of the “Tax Cuts…

As explained in Part 2 of “Tax Reform Now”, Republican lawmakers sought an outright repeal of the state and local tax deduction (“SALT deduction”) in order to offset tax cuts.  After encountering criticism from both political parties and lobbyists, Republican lawmakers have renounced this position.  Although the new tax reform…

On October 26th, the House of Representatives approved the budget resolution previously passed by the Senate. Because the House approved the Senate’s budget resolution without making any changes, a conference committee will not be necessary. Avoiding a conference committee speeds up the timeline for tax reform. The budget resolution passed…

On October 19th, the Senate approved a $4 billion budget resolution, which now paves the way for passage of a tax bill using the budget reconciliation rules. This budget resolution passed 51-49 in the Senate, with Rand Paul being the lone Republican Senator to vote against it. As mentioned in…

A Compromise on the State and Local Tax Deduction? There has not been much progress in the last week with respect to President Trump’s plan for tax reform, except with respect to the state and local tax deduction (“SALT deduction”). The debate over the future availability of the SALT deduction…