Taking Aim at Tax Reform

Republicans in Congress are celebrating this morning after the senate passed a bill that lays the groundwork for a massive overhaul of the nation's tax code.

 

The vote was close, however, Senate Republicans were able to pass a budget resolution that paves the way for tax reform. The four trillion dollar budget bill is really just a guideline, but it sets the table for Republicans to add on their tax reform plan and pass it with a simple majority vote, which prevents any Democratic filibuster. The President’s goal is a simplified tax system with lower rates and fewer tax brackets, although details are still scarce. Still, Republican ranks held on this vote last night but that was really the easy part.The difficult part lies ahead with preparing and passing the tax reform legislation. Republicans seem more confident now that they can get tax reform done not just by the end of the year, but perhaps as early as Thanksgiving.