On 16 November 2017, the US House of Representatives voted 227 to 205 to pass the ‘Tax Cuts and Jobs Act’ (HR 1). There were 13 Republicans who voted against the legislation.
The bill proposes to lower business and individual tax rates, modernise US international tax rules, and simplify the tax law, with significant impacts on numerous sectors of the economy.
Meanwhile, the Senate Finance Committee is continuing to consider a version of tax reform based on legislation proposed by Finance Chairman Orrin Hatch (R-UT). The tax reform proposals being considered by the Finance Committee differ in key aspects from the House-approved bill.
