Federal Spotlight – Tax Reform Marches Forward
November 30, 2017
The U.S. Senate Budget Committee approved the tax reform package on a vote of 12-11 on Tuesday. The committee vote paved the way for the legislation to be debated on the floor of the Senate. The bill is currently being debated on the Senate floor. Twenty hours of debate has been allotted, and then a “vote-a-rama” will commence where members can offer amendments to the bill. Reports say the bill could be voted on as early as this evening or Fri., Dec. 1.
Passage is far from certain however. Several GOP senators have concerns about the bill including the total cost of the package, inserting the individual healthcare mandate repeal and the size of cuts for pass-through entities. Republicans in the senate can only afford to lose two votes for the bill to pass. If the Senate passes their version of tax reform, the next steps would be for the House and Senate to reconcile their differences in conference committee, pass that bill in both chambers and send it to President Trump’s desk before the end of the year. The Iowa delegation has been very supportive of tax reform, and Gov. Kim Reynolds (R-IA) even penned an op-ed with Director Debi Durham explaining the importance of tax reform to Iowans. Although the bill is popular in Iowa, public support is mixed.