19 December 2017

House passes 'Tax Cuts and Jobs Act' Conference Agreement

The House on December 19, 2017, approved by a 227-203 vote the Conference Agreement for the "Tax Cuts and Jobs Act" (H.R. 1), as Republicans work to enact the most significant legislative achievement to date of the Trump Administration and the first major overhaul of the federal income tax in more than 30 years.

In voting, 12 Republicans opposed the measure and no Democrats voted in favor.

Senate Majority Leader Mitch McConnell (R-KY) said this morning that the Senate will vote on the Conference Agreement Tuesday evening.

"Today, we give the people of this country their money back. The bottom line here is that a typical family making the median family income will get a $2,059 tax cut next year," Speaker Paul Ryan (R-WI) said on the House floor prior to the vote. "This is real relief for families out there living paycheck-to-paycheck, struggling to make ends meet."

"Our communities have watched their companies, jobs, and futures move overseas for too long. Our local businesses, they have been fighting other countries with one hand tied behind their back from an old outdated tax code," House Ways and Means Committee Chairman Kevin Brady (R-TX) said. "They deserve a new tax code that allows them to compete and win anywhere in the world — especially here at home."

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Contact Information
For additional information concerning this Alert, please contact:
 
Washington Council Ernst & Young
   • Any member of the group, at (202) 293-7474.

Document ID: 2017-2145