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The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
Pub. L. 105–34 (text), Taxpayer Relief Act of 1997; Pub.L. 105-34, Taxpayer Relief Act of 1997 (readable online) H.R. 2014, Taxpayer Relief Act of 1997; 105th Congress / House / 1st session / Vote 350 final vote results on H R 2014: Revenue Reconciliation Act of 1997, by various groups and by individuals, from the Washington Post
The procedure overrides the Senate's filibuster rules, which may otherwise require a 60-vote supermajority for passage. Bills described as reconciliation bills can pass the Senate by a simple majority of 51 votes or 50 votes plus the vice president's as the tie-breaker.
The U.S. Senate's "filibuster" rule requires 60 votes in the 100-seat chamber to advance most legislation. ... reconciliation allows some tax and spending bills to pass with a simple majority vote ...
The bill specifically made no distinction as to the manner in which the sale is transacted. The 2011 bill provided an exclusion for businesses with annual sales of $500,000 or less. This was much smaller than the threshold used by the Small Business Administration for defining a small business: $30 million in most cases. [12]
The Senate's tax plan proposes keeping seven tax brackets but changes the income ranges. ... where the bill passed on a party-line vote of 12 to 11. Two GOP senators on the committee, ...
The Senate passed legislation on Tuesday, however, aimed at protecting children online in a broad bipartisan vote. The Senate tax bill vote also gave Democrats an opportunity to push back against ...
The Office of Tax Analysis estimated that the act lowered federal income tax revenue by 13% from what it would have been in the bill's absence. [ 30 ] Canada, which had adopted the indexing of income tax in the early 1970s, saw deficits at similar and even larger levels to the United States in the late 1970s and the early 1980s.