White House, House Budget Chief Say Tax Bill Still Coming Nov. 2By and
House tax writers are still on track to release their bill on Thursday, after delaying the rollout by a day, according to a White House official and House Budget Chairman Diane Black.
“Everything is on track as far as we’re concerned,” Marc Short, White House legislative affairs director, said after attending a meeting Wednesday with a large House Republican conservative caucus. “I think it’s a matter of members coming back on Tuesday night. They wanted a chance to discuss it a little bit more together.”
GOP lawmakers and tax lobbyists remained confused late Tuesday about key portions of the bill that were the subject of 11th hour negotiations. Among the uncertainties were the status of changes to tax-deferred retirement savings accounts, the state and local deduction for individuals, the fate of the estate tax and the schedule for cutting the corporate tax rate from 35 percent to 20 percent.
Short said discussions are continuing on the treatment of state and local tax deductions.
Black, a Tennessee Republican and a member of the Ways and Means Committee, said there would be no further delay and the bill would be unveiled on Thursday. She said tax writers were hard at work with members concerned about the so-called SALT deductions, and “moving the dials” on 401(k) contribution limits.
House Deputy Whip Patrick McHenry also said the bill would come out Thursday and Wednesday’s scheduled release had been an “arbitrary deadline.”
Ways and Means Republican members were scheduled to convene again Wednesday afternoon following meetings on Monday and Tuesday.