There are tax increases in the new House of Representatives Bill 1319 and tax takeaways. We are reaching out to the tax community to help us help taxpayers understand the impact of H.R.1319. The House used the Reconciliation Process to move this Bill through Congress.
What is the Reconciliation Process?
According to the Brookings Institute, a non-profit public policy organization in Washington D.C., “Reconciliation is, essentially, a way for Congress to enact legislation on taxes, spending, and the debt limit with only a majority (51 votes, or 50 if the vice president breaks a tie) in the Senate, avoiding the threat of a filibuster, which requires 60 votes to overcome. Because Democrats have 50 seats in the Senate—plus a Democratic vice president—reconciliation is a way to get a tax-and-spending bill to the president’s desk even if all 50 Republicans oppose it.
We invite our esteemed tax experts to illuminate the issues in this H.R. Bill in our Commentary Section.
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