Republicans in the House and Senate have come to a preliminary agreement representing a compromise on tax reform. The quick turnaround time on the bill may be partially due to the recent victory of Democrat Doug Jones in Alabama’s special election on Tuesday. Sen. John Cornyn said, “We’re very close. I don’t want to get out in front of the chairmen, but we’re very close.” The most recent version of the bill makes a number of changes, including a less generous corporate tax cut, a continuation of the estate tax, and an allowance for deductions for state and local taxes. The hope is that these changes will mollify Republicans in both the House and Senate, as the voting margin is extremely narrow.
See Bob Bryan, Republicans Have a Final Deal on Their Tax Bill — Here’s What’s in It, Business Insider, December 14, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
