House Speaker Paul Ryan made it clear on Thursday that Congress……
House Speaker Paul Ryan made it clear on Thursday that Congress staying in session over Christmas is an option if they have not advanced a tax overhaul bill by then.
SENATE: The goal is for the Senate to pass a budget resolution next week and go to conference with the House to quickly resolve the differences between their budgets.
Once both chambers have adopted a reconciled budget with a common reconciliation instructions for the tax overhaul, the House Way and Means Committee will release the tax legislation and go to markup.
RYAN: Ryan will want to keep his members in session until a conference committee report on the tax bill is passed.
The speaker also had a warning for members and anyone else who stands in the way of advancing the tax bill: “if we squander this opportunity, it’s not going to come back .” The last time Congress overhauled the tax code was 1986, and Ryan and many members believe that if lawmakers don’t pass a new overhaul this year while they’ve got GOP control of the legislative and executive branches , the trend of inaction will continue.
REPUBLICANS: Republicans are already running into some issues with their plan, such as growing opposition to a proposal to repeal the state and local tax deduction.
While some members are floating proposals on how to keep the tax breaks, albeit in a more limit form, Ryan has signaled that he wants to see it go.
Speaker Ryan said Thursday when asked about the deduction.”These are the issues that we have to help members see the bigger picture,”
He went to say: Taxpayers from all states will better off because of proposal to double the standard deduction, increase the child tax credit and eliminate the marriage penalty.
He finished of by saying: “while there may be some ‘Narrow thing’ members don’t like the GOP Plan, the broader view about the overall benefit is prevailing.
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