Here's what still has to happen before the GOP tax plan becomes law
Senate Republicans passed their version of the GOP tax reform plan very early Saturday morning, and the House passed a different version in November. Now, to meet President Trump's goal of having a final version signed by Christmas, congressional leadership from both houses have to reconcile the two bills — no small feat.
"We're gonna go to conference unless the Senate makes unbelievable changes to their bill in the next few days," said Rep. Mark Meadows (R-N.C.), chair of the fiscally conservative House Freedom Caucus, on Thursday. Still, Meadows added, he is "very optimistic" an agreement will be reached this month.
The two pieces of legislation retain a number of differences, as detailed at The New York Times and The Washington Post. For example, the House bill has four individual income tax brackets, while the Senate bill retains the current count of seven. The Senate bill repeals the ObamaCare individual mandate; the House bill does not. Conversely, the House bill eliminates the estate tax, but the Senate bill changes the tax-free limit from $5.5 million to $11 million.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Once all those differences — and more — are reconciled into a single piece of legislation, both chambers will likely have to vote a second time to approve the new version for the president's signature.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Bonnie Kristian was a deputy editor and acting editor-in-chief of TheWeek.com. She is a columnist at Christianity Today and author of Untrustworthy: The Knowledge Crisis Breaking Our Brains, Polluting Our Politics, and Corrupting Christian Community (forthcoming 2022) and A Flexible Faith: Rethinking What It Means to Follow Jesus Today (2018). Her writing has also appeared at Time Magazine, CNN, USA Today, Newsweek, the Los Angeles Times, and The American Conservative, among other outlets.
-
Unprepared for a pandemic
Opinion What happens if bird flu evolves to spread among humans?
By William Falk Published
-
6 impressive homes in Toronto
Feature Featuring floating stairs in Lytton Park and a two-tiered infinity pool in Banbury-Don Mills
By The Week Staff Published
-
Samantha Harvey's 6 favorite books that redefine how we see the world
Feature The Booker Prize-winning author recommends works by Marilynne Robinson, George Eliot, and more
By The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published