The tax reform legislative process nears its conclusion as the House of Representatives just passed the conference report version of the Tax Cuts and Jobs Act.
Having rejected attempts by the Democrats to send the bill back to committee, and to reject the conference report, the final vote in favor of passing HR 1 was 227-203.
The final debate brought Speaker Paul Ryan to the floor, who said “I’ll remind everyone in the chamber that as Speaker, my minute lasts as long as I want it to last.” His minute may not have changed any minds at this point, not in these polarized times, but he has seen the bill through to its final passage from the House.
The centerpiece of the bill is of course the corporate tax reform, which brings the US tax rate in line with our global competitors, thus encouraging corporations to bring money home to invest in America (and pay taxes in America):
Regime change in the global race for capital pic.twitter.com/2XEHYxe46k
— Daniel Clifton (@DanCliftonStrat) December 18, 2017