A Senate hearing Tuesday indicated the politics of the tax overhaul haven’t changed since it passed in December, with Republicans singing its praises as an economist booster and Democrats torching it as a broken promise that mostly benefits the wealthiest.
The chairmen of Congress’s main tax committees are calling on the head of the Internal Revenue Service to put in place screening procedures to make sure employees with serious conduct issues don’t receive bonuses, in response to a government report pointing to continuing problems in this area despite some progress.
The Internal Revenue Service’s acting commissioner, David Kautter, testified at a Senate Finance Committee budget hearing asking for nearly $400 million in additional funds to help the IRS administer the Tax Cuts and Jobs Act.
House Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years—hours after the Senate passed the legislation—handing President Donald Trump his first major legislative victory.
Senate Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years, a bill that delivers a deep, permanent tax cut for corporations and shorter-term relief for individuals.
Lawmakers scrambling to lock up Republican support for the tax reform bill added a complicated provision late in the process—one that would provide a multimillion-dollar windfall to real estate investors such as President Donald Trump.
Senator Bob Corker wrote to Senate Finance Committee Chairman Orrin Hatch asking for an “explanation” of how a provision on pass-through businesses that would benefit real estate investors came to be included in the final version of the Republican tax bill.
Congressional Republicans revealed the final details of their agreed-upon tax-overhaul legislation Friday. It’s the culmination of a six-week legislative sprint designed to deliver a major policy victory for their party and President Donald Trump before year’s end.