Amid a chaotic week in Washington D.C., final election results came in that determined the composition of the Senate. Both Georgia Senate seats went to the Democratic candidates, which tipped the balance of power in the Senate to the Democratic party, with Vice President-Elect Kamala Harris presiding as the presumed tie-breaking vote in a chamber evenly split 50-50. This assumes that the Senate Democrats vote along party lines, which is far from certain.
Topics: election year, IRS, Taxes, Election, Tax Reform, senate, COVID19, Coronavirus, Republican Party, Biden, Harris, #taxplan, Filibuster, democratic party, Legislative Session
The Senate passed on March 25 a $2.2 trillion economic stimulus package as the third phase of emergency legislation in response to the coronavirus pandemic. The “Coronavirus Aid, Relief, and Economic Security Act,” (CARES Act) contains tax and nontax relief measures that are designed to avert a U.S. economic collapse. House Speaker Nancy Pelosi (D-CA) indicated she is hoping to avoid bringing the House back to Washington to vote, and instead to approve the legislation on March 27 either through unanimous consent procedures or through voice voting procedures.
Topics: senate, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act
The Senate passed the final version of the bill introduced as the Tax Cuts and Jobs Act (TCJA) in the early hours of December 20, with the House of Representatives voting again the same day to pass the reconciled tax reform bill. President Trump signed the tax reform bill into law December 22, bringing home a major campaign promise. Due to a violation of Senate procedural rules, the bill’s name reverted to the more ungainly title, "To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018." We will refer to it merely as the tax reform bill, for ease of reference. As passed, the bill includes elements of both the House version and the Senate version of the tax reform bill.
Topics: Congress, Tax Reform, House Republicans, senate, tax reform bill
Topics: Congress, Tax Reform, House Republicans, senate, tax reform bill
After drafting legislation at a breakneck pace with little or no public input and speeding through the conference committee process, the House and Senate reached a compromise on their versions of the tax reform bill, formerly the Tax Cuts and Jobs Act, on December 15. The Senate passed the reconciled bill on December 19, and the House will vote soon followed by the signature from the President.
Topics: Congress, Tax Reform, House Republicans, senate, Tax Cuts and Jobs Act, TCJA
Topics: Tax Reform, House of Representatives, Business Tax Provisions, tax bill, senate