corporations

Tax Bill Set to Move at Warp Speed to Trump’s Desk
Some hurdles still remain, but Republicans feel confident they have the votes

House Ways and Means Chairman Rep. Kevin Brady, left, and ranking member Richard E. Neal prepare for the tax bill conference committee meeting Tuesday. (Tom Williams/CQ Roll Call)

Don’t blink, because you might miss Congress passing a historic overhaul of the U.S. tax code.

House and Senate Republicans say they are nearing completion on a sweeping bill that would dramatically reduce the corporate tax rate, lower the top individual tax rate, nearly double the standard deduction, bolster the child tax credit and remove some breaks enjoyed by many Americans.

Opinion: Raise the Caps to Raise Up American Communities
Congress needs to invest to keep America safe and prosperous

Speaker John Boehner, R-Ohio, is seen on a closed circuit television in the subway leading to the Rayburn Building in 2011, soon before the House voted on the Budget Control Act. (Tom Williams/Roll Call file photo)

As President Trump and congressional leaders negotiate a framework for federal spending, it is important to stop pitting “defense” and “nondefense” investments against one another, when both are so critical to our common security and prosperity.

Only by treating these investments with parity can Congress do its part to promote the shared future American families and communities deserve.

Capitol Ink | Tax Cut Christmas

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Six Things to Watch as Tax Overhaul Endgame Nears
Final votes could come just before lawmakers leave for the holidays

House Ways and Means Chairman Kevin Brady says both Senate and House tax plans have “strengths” when it comes to the treatment of income of pass-through entities. (Tom Williams/CQ Roll Call file photo)

A number of sticking points emerged last week as Republican lawmakers began jockeying for their favorite parts of the House and Senate tax plans.

Top tax writers from each chamber will formally meet Wednesday at 2 p.m. to discuss their differences, but the real negotiations have already begun behind the scenes.

Trump to Make One Final Tax Pitch
Plans to reiterate ‘brighter future’ message

President Donald Trump delivers his address to a joint session of Congress on Tuesday, Feb. 28, 2017. (Bill Clark/CQ Roll Call file photo)

President Donald Trump will deliver his final sales pitch for a Republican tax overhaul measure Wednesday with remarks intended to spell out a “brighter future” for Americans.

“As we work with Congress to achieve historic tax cuts, the president plans to speak Wednesday to the American people on how tax reform will lead to a brighter future for them and their families,” said Lindsay Walters, deputy White House press secretary.

The Unkindest Cut: How to Pay for Tax Overhaul Sweeteners
Hundreds of billions of dollars needed to pay for sought-after changes

Ways and Means Chairman Kevin Brady is among the top negotiators in the House-Senate conference committee on the GOP’s tax overhaul. (Tom Williams/CQ Roll Call)

As the House and Senate prepare for a conference committee on the Republican tax overhaul, the two chambers face the challenge of reconciling stark differences, and where to find billions of dollars they may need to smooth things over. 

Among the most significant discrepancies are the treatments of pass-through businesses, the estate tax and the corporate alternative minimum tax. House Republicans are also considering a provision to further scale back the proposed trimming of the state and local tax deduction.

Partial Repeal of Corporate Alternative Minimum Tax an Option, Thune Says
‘There are different ways you could structure a repeal’

Sen. John Thune, R-S.D. (Bill Clark/CQ Roll Call file photo)

Lowering the alternative minimum tax rate for corporations in the Senate’s bill could be one way to address concerns among the business community, Republican Conference Chairman John Thune said.

“There are different ways you could structure a repeal — or a partial repeal,” the South Dakota Republican said Wednesday. “If you adjust the rate, take the rate down. And so it’s all scalable.”

Picture This: A ‘Perfecto’ Final Tax Bill
As House, Senate negotiate, president raises expectations

Sen. John Cornyn, R-Texas, speaks with reporters about the GOP tax bill between votes in the Capitol on Nov. 30. (Bill Clark/CQ Roll Call)

The House and Senate are not even in formal conference negotiations on a tax overhaul measure yet, but the expectation from the White House is clear: It’s got to be “perfecto.”

On a day of increasing uncertainty over how to fund the government past Dec. 8, President Donald Trump hosted a small group of Senate Republicans at the White House and placed his marker. 

Spiking Alternative Minimum Taxes a Priority for House GOP, Brady Says
‘Both of them are very costly and they add complexity’

Rep. Kevin Brady, R-Texas, talks with reporters after the House Republican Conference meeting in the Capitol on November 29, 2017. (Tom Williams/CQ Roll Call file photo)

Repealing the alternative minimum tax is a priority for House Republicans in conference negotiations with Senate tax writers, Ways and Means Chairman Kevin Brady said.

The Texas Republican said he spoke to many House GOP members Tuesday morning who “feel strongly” about permanently repealing the AMT for corporations and individual taxpayers. The House-passed tax bill would do so, while the Senate measure would keep the current corporate AMT and expand exemptions for the individual AMT rather than repeal it.

GOP Tax Package Enters Final Stretch With Senate Passage
After days of debate, the chamber passed the bill in the wee hours Saturday

Senate Majority Leader Mitch McConnell, R-Ky., walks to the Senate floor on Friday after saying that Republicans have enough votes to pass the tax reform bill. (Tom Williams/CQ Roll Call)

The Senate early Saturday voted 51-49 to pass the GOP tax code overhaul, setting up the last stage of the tax debate: high-stakes talks between House and Senate Republicans to write a compromise measure they can place on President Donald Trump’s desk.

After more than 24 hours of deal-making and arm-twisting by Senate GOP leaders, a number of major policy changes were made to the tax bill in the form of a broad manager’s amendment from Majority Leader Mitch McConnell, R-Ky., adopted by unanimous consent before the legislation was passed.