As an update to our earlier post on the status of tax legislation making its way through Congress, the quote below, from a recent Bloomberg article, highlights Congressional leadership’s interest in getting a bill passed before this summer.

Congress is targeting Memorial Day weekend to pass President Trump’s tax agenda, including extensions of the 2017 tax cuts. While the two houses of Congress are closer to agreeing on a combined tax cut and debt increase package, significant obstacles still remain, with several Senate and House Republicans objecting to any increase in the debt ceiling as well as potential cuts to entitlement programs.

Republican leaders say they are getting close to agreeing on a plan to pass an extension of President Donald Trump’s 2017 tax cuts and an increase to the debt ceiling, as Congress looks to approve an economic package by the end of May. “I don’t want to get out in front of what the Senate is going to do. But it sounds like we will not be far apart, and that’s a good thing, so we’ll be able to move,” House Speaker Mike Johnson told reporters.

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