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December 7, 2017
What's next for tax reform? A congressional conundrum...
After almost a year of congressional legislative lassitude, both houses of Congress passed a tax bill, the Senate most recently last week. While the two versions are similar, there are minor differences that must be reconciled before sending a bill to the White House for President Trump's signature. The Heritage Foundation compared the two versions, as shown in the chart below. The differences are minor, window dressing, with two major exceptions. The Senate version repeals the Obamacare individual mandate, while the House version keeps it in place. It should go. Senate version wins. Then again, the House version repeals both the individual and corporate alternative minimum taxes, whereas the Senate version keeps both. Both should go. House version wins. Now what? The two versions go to a conference committee, where these differences are reconciled – hopefully ironed out, taking the best provisions of each bill,...(Read Full Post)