BREAKING NEWS: House and Senate Have Passed Tax Overhaul Bill

Both the House and Senate have passed the tax bill, and it is on its way to be signed by President Trump.  It’s unclear now, but the President is likely to sign the bill between Christmas Day and sometime on New Year’s Day.  It seems that a new small obstacle to passage of the tax bill has sprung up as it relates to the interaction within the administration of governmental activities.  White House chief economic adviser Gary Cohn indicated that President Trump wants to sign the tax bill into law this year, but a congressional provision that could trigger automatic cuts to Medicare and other spending probably needs to be waived first.  Under a 2010 law known as PAYGO, the $1.5 trillion reduction in government revenue caused by tax bill would trigger years of across-the-board cuts to programs including Medicare starting next year.  By delaying signing until January 1, the PAYGO cuts would be postponed until 2019.

As always, contact your Schneider Downs representative with any questions.  Additional details will be forthcoming as they emerge.  Please continue to check the Our Thoughts On...Tax Reform blog for more coverage. 

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2022 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on
Accelerating Charitable Efforts Act Under Consideration
Superfund Excise Taxes Are Back Under the Infrastructure Investment and Jobs Act Effective July 1, 2022
Tax, Tax Reform BY Kirk Mitchell
Treasury Department Releases Greenbook Outlining 2023 Budget Revenue and Tax Proposals
New Pennsylvania Electronic Payment Requirements for Personal Tax Payments Greater than $15,000 Beginning January 1, 2022.
Build Back Better Tax Legislation Update – International Tax Changes
Proposed Tax Changes to GILTI
Register to receive our weekly newsletter with our most recent columns and insights.
Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us
contact us

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.