Here's what still has to happen before the GOP tax plan becomes law

Mitch McConnell
(Image credit: Brendan Smialowski/Getty Images)

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.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

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.

Sign up

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.

To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us