Tax Policy – House Tax Bill Introduced

On November 26, Chairman Kevin Brady (R-TX), House Ways and Means Committee, introduced a tax bill. The measure has five main elements: technical corrections to the Tax Cuts and Jobs Act of 2017 (TCJA); extension of 26 tax breaks (such as credits for biodiesel fuel and regional railroads); an overhaul of the Internal Revenue Service; tax breaks for disaster area residents; and retirement savings provisions. It is estimated to cost $53 billion over 10 years. Since the measure requires 60 votes in the Senate to pass, it is not expected to advance. Some Members of Congress have stated their opposition to making technical corrections to the TCJA unless other provisions that benefit the very wealthy and encourage corporate offshoring are changed.

%d bloggers like this: