Tax Legislative Update: Congress Targets Late May Timing to Pass New Agenda

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.