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Proposed tax bill takes another step forward

The proposed tax bill takes another step forward. The Senate Budget Committee voted to approve the Senate Republicans’ version of the Tax Cuts and Jobs Act on Tuesday, Nov. 28. A final Senate vote on the bill could come as early as Nov. 30. The Senate will need at least 50 votes to pass the bill. Since there are 52 Republicans in the Senate, they can’t lose more than two votes unless some Democrats decide to support the bill. If the bill passes the Senate, it will then have to be reconciled with the House tax bill, which passed the full House on Nov. 16.

Bradley H. Kearns, CPA, bkearns@sek.com

Nathaniel L. Fissel, CPA, MST, nfissel@sek.com

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