The Tax Legislative Outlook: Senate Fast Tracking Tax Cuts and Debt Ceiling Increase

With a vote scheduled for later this week on President Trump's tax agenda and the debt ceiling, Senate Republicans appear to be quickly closing philosophical differences and inching closer to joint chamber negotiations on identical budget resolutions.

As detailed in the attached article, the Senate's blueprint plan increases the debt ceiling to $5 trillion dollars and extends $4 trillion of tax cuts as compared to the House's $4 trillion and $4.5 trillion, respectively. 

Several key but controversial points still remain unaddressed, but the likelihood that a tax bill is presented to the President for signature within the next few months is increasing.