March 29, 2020

House Passes Senate Budget, Moves One Step Closer To Tax Reform

The House narrowly passed the Senate’s fiscal year 2018 budget equipped with reconciliation instructions for tax reform in a 216-212 vote Thursday.

Passing the measure brings Republicans one step closer to their plans to overhaul the tax code. The bill, which allows for $1.5 trillion in deficit spending, provides the GOP with the tools needed to dramatically cut taxes with just a simple majority vote in the Senate.

The lower chamber — which passed its own, more fiscally-conservative measure earlier this month — opted against conferencing the bills to provide extra time to work on passing tax reform before the end of the year.

House Budget Chairman Diane Black applauded its passage, saying its a key component in making dramatic reforms.

“Through tax reform, we can put more money in the pockets of hardworking Americans, provide much-needed tax relief and create more jobs,” she said in a statement. “By passing this budget, I am pleased we can begin the process of advancing tax reform and ultimately get legislation to the president’s desk for his signature.”

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Source: The Daily Caller

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