The House Ways and Means Committee on Thursday (9/13) passed Tax Reform 2.0 along partisan lines. The full House is expected to take up the tax measures either at the end of September or sometime in October. It is not expected that the Senate will vote on all three of the bills before the November elections although there is a possibility that they may take up the retirement portion (for which there is bipartisan support) during the lame duck session.
Prior to the passage, the Joint Committee on Taxation (JCT) released scores of the three bills that constitute the Republicans’ Tax Reform 2.0 package: H.R. 6760, the “Protecting Family and Small Business Tax Cuts Act of 2018” would reduce revenues for the period 2019 through 2028 by $630.898 billion (JCX-71-18); H.R. 6757, the “Family Savings Act of 2018” would reduce revenues for the period 2019 through 2028 by $20.970 billion (JCX-75-18); and H.R. 6756, the “American Innovation Act of 2018” would reduce revenues for the period 2019 through 2028 by $5.416 billion. (JCX-78-18)
For a summary of the content of the Tax Reform 2.0 bills, see What made it into the Tax Reform 2.0 bills?.
