20 December 2017 Congress passes tax reform bill The House approved the "Tax Cuts and Jobs Act" (H.R. 1) Conference Agreement today by a vote of 224-201. The vote follows the Senate's passage of the measure last night by a vote of 51-48. The measure, which represents the first major overhaul of the federal income tax in more than 30 years, now goes to President Trump for signature. The President may not sign the bill until after the New Year if Congress does not approve a waiver of the Statutory Pay-As-You-Go Act of 2010 with regard to the tax bill. The Congressional Budget Office said in November that a $1.5 trillion tax cut would prompt a sequestration order resulting in more than $100 billion in mandatory spending cuts, including about $25 billion from Medicare, at the end of the 2017 congressional session. Waiting until 2018 to sign the bill would delay the cuts and the need for a vote to waive the rules. Document ID: 2017-9028 |
