Tax Reform: Where It Stands before Thanksgiving Recess

Tax reform in Santa’s goodie bag this year? Say it’s so! Yesterday, the House of Representatives passed “the most sweeping tax overhaul in three decades,” per the New York Times. The bill passed 227 to 205.

“Republicans are under intense pressure to get legislation to Mr. Trump’s desk by Christmas, especially after failing in their attempt to dismantle the Affordable Care Act this year. Lawmakers also want to push the bill through quickly to avoid giving lobbyists and Democrats time to mobilize, a strategy that seemed to be validated with the House approval, which came with little drama or consternation.”

Indeed, reports of an almost “eerie” lack of fuss and fracas came out prior to the House vote. The vote signals a Congress in rare get-it-done mode, as does the 14-12 vote in the Senate Finance Committee—on the very same day—to push the bill to the Senate floor for a full vote.

“When the Senate returns after Thanksgiving, I will bring this must-pass legislation to the floor for further debate and open consideration,” said Senate Majority Leader Mitch McConnell (R-KY) in a statement.

Of tax reform, Treasury Secretary Mcnuchin said this morning, “We have every reason to think it will get to the president’s desk before Christmas for him to sign.”