2017 was marked with a lot of significant changes in the US legislature, but what marked as the pick was the tax bill. The tax bill which was later referred to as the Tax Cuts and Job Act, aimed at providing resolution in reference to titles II and V of the simultaneous resolution on the budget for the fiscal year 2018. Like any other bill passed in a democratic nation, there were marked variances between the House of Representatives and the Senate, regarding the direction to be taken on the bill with some key issues taking center stage.
There were three major key disputes that affected the consensus between Senate and House of Representatives which revolve in the violation of the Byrd rule. This rule limits what type of provision can be approved by the house under a given budget duration, and it is known as the reconciliation. To begin with, there was a provision that would render 529 savings plan from college being used for home-schooling expenses. The second was connected to a tax exemption that would prioritize on a significantly small category of colleges. Last but not least, there was the name used for the bill, the Tax Cuts and Jobs Act (Michel, 2017).
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The significant conflicts between the two houses were put to rest after both houses went back to the drawing board so as to come up with a bill that fully satisfied the two houses and the American citizens. The bill was given to a joint committee comprising of the Senet and the House of Representatives. The committee ensured that the bill was fine-tuned before final submission for voting. The House of Representatives passed the bill first with a victory of 224 to 201 followed by the Senet with a victory of 51 to 48 and signed into law by President Donald Trump on 22 nd December 2017 (Michel, 2017). In conclusion, this bill is a significant step in the right direction for the US’ lawmakers to try to salve the economy which has been on a stand-still for some time now.
References
Michel, A. (2017). Analysis of the 2017 Tax cuts and jobs act. The Heritage Foundation . Retrieved on 4 April 2018, from https://www.heritage.org/taxes/report/analysis-the-2017-tax-cuts-and-jobs-act.
