Both houses of Congress are taking their traditional August break now. They need a vacation. What’s waiting for them when they return after Labor Day? Well, let’s take a look at two big-ticket items.
Congress is expected to focus on tax reform when it reconvenes after Labor Day. But, it’s set an ambitious schedule—legislation mark-up in September, committee hearings in October and passage in November—and other vital issues, such as raising the debt ceiling and passing appropriations bills before the end of the fiscal year on Sept. 30, may get in the way.
Right now,issues have taken a back seat, as Congress is tussling over corporate tax rates. Individual rates are also slated to decrease. Decreasing the individual tax rates would impact the flat supplemental withholding rate and the backup withholding rate.
One complication in the Senate is that tax reform is expected to move under its reconciliation ...(register to read more)