The House Ways and Means Committee today marked up and approved the GOP’s Tax Reform 2.0 package. Chairman Kevin Brady (R-TX) offered three amendments in the nature of a substitute, which would make a series of minor clerical changes to the bills. Here are the key documents and materials for the bills that were approved:
Protecting Family and Small Business Tax Cuts Act (H.R. 6760)
- Text of H.R. 6760 (as amended) – JCT description of the substitute amendment
- JCT Description of H.R. 6760 (as introduced)
- JCT Score of H.R. 6760
Family Savings Act (H.R. 6757)
- Text of H.R. 6757 (as amended) – JCT description of the substitute amendment
- JCT Description of H.R. 6757 (as introduced)
- JCT Score of H.R. 6757
American Innovation Act (H.R. 6756)
- Text of H.R. 6756 (as amended) – JCT description of the substitute amendment
- JCT Description of H.R. 6756 (as introduced)
- JCT Score of H.R. 6756
During the markup, Democrats on the panel criticized Republicans for doubling down on bad policy and pushing through yet another tax-cut package without hearings and public input. Democrats also repeatedly pointed out that the package was unpaid for and would add $3 trillion to the national debt.
The always colorful Congressman Bill Pascrell (D-NJ) compared Tax Reform 2.0 to Caddyshack II and Weekend at Bernie’s II, noting that the “sequel is never as good as the original,” which in his opinion was also a flop.
House leaders are planning to hold a floor vote for the package in the last week of September – passage is expected. Tax Reform 2.0 has near zero chance of passage in the Senate. However, provisions in the Family Savings Act (H.R. 6757) have strong bipartisan support; the bill could be taken up separately after the midterm elections.
Here are the amendments that were offered at the markup:
- Pascrell – Eliminate the cap on the state and local tax deduction and increase the corporate tax rate to offset the cost of eliminating the cap [Failed 14-21].
- Neal (D-MA) – Expand EOTC, make adoption tax credit refundable, and enhance the child dependent care credit. Restore the top marginal income tax to offset the cost [Failed 15-21].
- Thompson (D-CA) – Provide for disaster tax relief [Failed 15-21].
- Sanchez (D-CA) – Restore the deduction for certain medical expenses [Failed 15-21].
- Doggett (D-TX) – Release Trump tax returns [Ruled non-germane].
- Larson (D-CT) – Protect Social Security and Medicare trust funds [Failed 15-21].
- Doggett (D-TX) – No tax breaks for corporations until the middle class receives the promised benefits of tax reform [Ruled non-germane].
- Kind (D-WI) – Add stretch IRA provision and PBGC premium relief, among other things, to H.R. 6757 [Failed 14-21].
- Brady – amendment in the nature of a substitute for H.R. 6760, making clerical changes to the original bill [Adopted].
- Brady – amendment in the nature of a substitute for H.R. 6757, making clerical changes to the original bill [Adopted].
- Brady – amendment in the nature of a substitute for H.R. 6756, making clerical changes to the original bill [Adopted].