US House moves forward on tax reform by adopting budget plan

Source: Reuters

“The U.S. House of Representatives took a major step toward overhauling the U.S. tax code on Thursday by approving a fiscal 2018 budget resolution intended to aid the future passage of tax legislation, and sending the measure on to the Senate. The spending blueprint for fiscal year 2018, adopted by a 219-206 vote, would unlock a legislative tool allowing Republicans to pass tax legislation through the Senate while avoiding opposition from Democrats who control 48 of the upper chamber’s 100 seats. But the action also sets the stage for a potential clash with Senate Republicans, who are considering a markedly different spending plan. While the House budget calls for revenue-neutral tax reform, a proposed Senate plan would allow tax legislation to add $1.5 trillion to the deficit.” (10/05/17)