House Passes Tax Bill

A tax reform bill has been passed by the House of Representatives today, November 16, 2017.  The bill, H.R.1, passed by a 227-205 margin along party lines, with 13 House Republicans joining all the House Democrats to oppose the bill.

The passage of the bill by the House now shifts the attention of the nation squarely to the Senate as members draft their own bill. With a narrow margin of control in the Senate, and a few Senate Republicans already speaking out against the Senate’s initial bill plan, we expect intense debate and scrutiny of the proposed legislation.

At the time of drafting of this article, the Senate Finance Committee has not yet presented a legislative text version of a tax plan, although the committee is expected to vote on the bill this week. We will update the Schneider Downs tax reform website with information as it is announced. 

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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.

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