The House, today, by a by a vote of 227-205, passed the Tax Cuts and Jobs Act, legislation to overhaul the tax code.
Senate Republicans have their own tax bill, which is currently being considered by the chamber’s tax-writing committee. The Chairman of the Senate Finance Committee, Orrin Hatch, yesterday released a modification of his initial tax reform proposal that included the elimination of the individual mandate for health insurance that was a cornerstone of the Affordable Care Act.
Sen. Ron Johnson (R-WI) has already announced that he will not vote for the Senate bill in its current form, so it remains to be seen if the Senate can get the votes to continue the process forward.
We expect that the Senate will continue work on this the week after the Thanksgiving holiday.
We will continue to monitor the progress and will provide updates accordingly.