Federal Spotlight – Tax Reform Moves Forward

The House Ways & Means Committee began marking up the Tax Cuts and Jobs Act this week. The contents of the bill were released last week and set a frenzy of lobbying on Capitol Hill as interest groups seek to have their provisions protected during the markup of the legislation. Ways & Means Committee Chairman Kevin Brady (R-TX) released a new amendment to the bill on Monday that follows the changes Brady made to the bill last Friday. Read more about the amendment. According to estimates by the Tax Foundation, Iowa stands to gain 10,589 jobs over 10 years, and after-tax income for middle-income families is expected to climb $2,600 over 10 years if the bill becomes law. The Tax Cuts and Jobs Act is expected to pass the Ways & Means Committee as early as this week, and a vote on the floor of the House of Representatives is expected next week. The Senate could release their version of tax reform yet this week.