House of Representatives Has Released Initial Draft of Tax Reform Bill
The House of Representatives released the initial draft of its tax reform bill, the Tax Cuts and Jobs Act (TCJA), on Thursday. The bill now heads to markup by the Ways and Means Committee next week. Speaker Paul Ryan indicated he expects the full House to hold a vote on the bill the week of 13 November. If it passes, it would then head to the Senate where the Senate Finance Committee is already drafting its own tax reform bill. Despite the optimistic timeline, expect this to be a contentious process as many provisions and revenue raisers will be fiercely debated.
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