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“Phase Two” Tax Reform Outline is Expected to Come Soon

A “phase two” tax reform outline could be unveiled by House GOP tax writers soon. Republicans have started to increase their tax meetings related to the effort, House Ways and Means Committee Chairman Kevin Brady, R-Tex. said.

Individual Tax Cuts

Brady reiterated to reporters that “phase two” will focus on the individual side of the tax code. Moreover, making permanent the individual tax cuts enacted under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97) will be the “centerpiece” of a “phase two” bill, Brady reportedly said. Additionally, Republican tax writers are considering proposals that would streamline the retirement savings process.

Phase Two Fate Uncertain

The next major tax bill’s fate in the Senate remains uncertain. At least nine Democratic votes will be needed to reach the Senate’s 60-vote threshold. Brady has said he is hopeful for Democratic support. However, Democratic lawmakers in the House and Senate remain largely opposed to the TCJA. Democrats have criticized the TCJA for primarily benefiting corporations. However, House Republicans are hopeful for bipartisan support on a new measure that focuses primarily on individual tax cuts.

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