Trump Says He Expects Tax Bill Approval by Year’s End

  • Schedule mentioned during meeting with conservative groups
  • Last major tax overhaul in 1986 took 10 months to accomplish

President Donald Trump told dinner guests Monday night that he expects the House will approve a tax bill in October and the Senate by year’s end -- an extremely rapid timeline that would deliver Trump’s much-desired signature legislative victory.

During a dinner meeting with representatives of several conservative groups, Trump didn’t specify many details of the framework for tax legislation that he and legislative leaders plan to roll out Wednesday, said two people who attended the gathering.

The legislative schedule Trump laid out is aggressive. Under the procedure that Senate leaders plan to use to pass the legislation, both chambers will have to first adopt identical budget resolutions before the House can act on tax legislation.

The last time that Congress passed a tax-overhaul bill, in 1986, roughly 10 months passed between the bill’s introduction and the date that then-President Ronald Reagan signed it.

    Before it's here, it's on the Bloomberg Terminal.