Tax Bill Passes out of Committee

The House Committee on Ways and Means has approved their tax package out of committee by a party line vote of 26-19 following a markup hearing. The House Budget Committee will collect markups from all committees in accordance with reconciliation rules and form a single bill. Timing of a vote on the wider bill with the full body of the House of Representatives is uncertain.

Details of the tax bill were previously shared. A description of the provisions by the Joint Committee on Taxation can be found here, and an estimate of revenue effects can be found here.