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House panel approves budget measure that advances tax reform [View all]
Source: Reuters
#BUSINESS NEWS
JULY 19, 2017 / 10:49 PM / 25 MINUTES AGO
House panel approves budget measure that advances tax reform
David Morgan
WASHINGTON (Reuters) - The Republican-led U.S. House of Representatives took a new step toward tax reform legislation on Wednesday by approving a fiscal 2018 budget resolution that would allow the Senate to pass a sweeping tax code overhaul without Democratic support.
The House Budget Committee voted 22-14 along party lines to send the measure to the floor of the House for consideration by the full chamber, a day after the $4 trillion spending blueprint was unveiled.
But it was not clear how the measure would fare in the full House, where it could become embroiled in Republican infighting between conservatives and moderates similar to the political tug-of-war that caused healthcare legislation to disintegrate in the Senate this week.
Both the House and Senate must approve a budget agreement to unlock a legislative tool called reconciliation, which would allow Republicans to pass tax legislation with a simple majority in the Senate. Republicans control the chamber by only a 52-48 margin.
-snip-
JULY 19, 2017 / 10:49 PM / 25 MINUTES AGO
House panel approves budget measure that advances tax reform
David Morgan
WASHINGTON (Reuters) - The Republican-led U.S. House of Representatives took a new step toward tax reform legislation on Wednesday by approving a fiscal 2018 budget resolution that would allow the Senate to pass a sweeping tax code overhaul without Democratic support.
The House Budget Committee voted 22-14 along party lines to send the measure to the floor of the House for consideration by the full chamber, a day after the $4 trillion spending blueprint was unveiled.
But it was not clear how the measure would fare in the full House, where it could become embroiled in Republican infighting between conservatives and moderates similar to the political tug-of-war that caused healthcare legislation to disintegrate in the Senate this week.
Both the House and Senate must approve a budget agreement to unlock a legislative tool called reconciliation, which would allow Republicans to pass tax legislation with a simple majority in the Senate. Republicans control the chamber by only a 52-48 margin.
-snip-
Read more: http://www.reuters.com/article/us-usa-congress-tax-idUSKBN1A507X
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