Posts Tagged ‘tax reform’
On Friday, December 15, members of the U.S. Congress unveiled a conference report on tax reform, resolving differences between the House and Senate bills.
Full text of the conference report, which is nearly 1,100 pages long, can be found here. For those who want to go into the weeds, a joint explanatory statement, which describes current law, the House and Senate provisions, and what is in the conference agreement, can be found here.
Today the National Education Association (NEA) released an analysis of the U.S. House tax reform bill, H.R. 1, the “Tax Cuts and Jobs Act,” to project the impact on PK-12 education of the elimination of the State and Local Tax (SALT) deduction for individuals (the tax plan permits corporations to keep this deduction).
In a press release, the NEA highlighted the potential effect of this single elimination: “The impact of eliminating SALT on public education is nearly equal to the education jobs lost during the Great Recession. By most accounts, the country lost about 300,000 education jobs during that time.”
Last week Chairman Kevin Brady (R-TX) of the U.S. House of Representatives Committee on Ways and Means introduced a tax reform bill, H.R. 1, The Tax Cuts and Jobs Act, and scheduled the markup to start November 6 and continue until the work is completed. This process was initiated via reconciliation through the Fiscal Year 2018 budget resolution.
Prior to the markup beginning, Brady offered a manager’s amendment making changes to the original bill, and the markup (watch it live and view additional resources here) allows committee members to offer amendments.