Coming Down the Home Stretch on Tax Reform

The House and Senate passed their own versions of a tax reform bill surprisingly fast. But now the hard work starts, as they need to turn those two bills into one. The trick is to produce a bill that can pass both chambers again, meaning a bill that appeases some powerful interest groups while still making the budget math work.
In some respects, this conference process may be easier than we think. Once lawmakers have come this far with such a big bill—when stakes are this high—it’s hard to imagine them not doing everything they can to cross the finish line. Helping in the process is the fact that their bills aren’t so vastly different in terms of philosophy and provisions that it makes reconciling differences impossible.
For instance, both bills would permanently lower the corporate income tax rate to 20 percent. They would get rid of the state and local tax

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