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Senate tax reform bill crosses finish line after major rewrite

  • United States Image

Dec 01, 2017

The Senate has voted almost entirely along party lines to approve its version of comprehensive tax reform legislation, but not before Republican leaders made some significant modifications to win support from wavering members within their own ranks.

As approved, the modified Senate version of the Tax Cuts and Jobs Act (H.R. 1), which cleared the chamber by a vote of 51-49, follows the broad contours of the measure that was reported out of the Senate Finance Committee on November 16 by providing permanent tax relief – including a significantly lower top rate – for corporations and temporary tax relief for individuals and passthrough entities, with those costs offset in part by eliminating or paring back dozens of current-law deductions, credits, and incentives.

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