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Here is your daily round-up of news and analysis to keep you informed as tax reform works its way through Congress.
What’s happening today
The Senate tax bill markup continues in the Finance Committee.
The House is expected to vote on its tax reform bill.
In the news
Senate Finance Committee Chairman Orrin Hatch, R-Utah, released a modified version of his Tax Cuts and Jobs Act November 14 that calls for significant new revenue offsets as well as proposals to pare back some of the tax relief provisions included in the measure as originally introduced last week.
The modifications, which became public after taxwriters completed their second day of debating the bill in a committee mark-up, are intended to ensure that the tax reform package that eventually moves through the Finance Committee and to the Senate floor does not increase the federal deficit beyond the 10-year budget window (more on that below). Like the original proposal, the modifications were released in summary form rather than statutory language.