The U.S. House of Representatives on 16 November voted to pass the "Tax Cuts and Jobs Act", the Republicans' long-anticipated tax bill. The proposed legislation would make sweeping changes to the U.S. federal tax code, including lowering the corporate tax rate to 20 percent and significant changes to U.S. international taxation, along with scores of other broad changes.
The U.S. Senate Finance Committee on 16 November also approved its own version of the Tax Cuts and Jobs Act. Although the draft legislation has not yet been released (the Senate Finance Committee traditionally debates conceptually before producing legislative text), the description of the proposal by the nonpartisan Joint Committee on Taxation staff indicates substantial differences between the House and Senate bills. The full Senate is expected to begin debate on their version of the bill in the week following the Thanksgiving recess (i.e., the week of 27 November). Further modifications are likely before the bill is voted on.
Any bill that passes the Senate will have to be reconciled with the bill passed by the House of Representatives, and both houses of Congress must pass identical legislation. The final legislation must then be signed by President Trump before the Tax Cuts and Jobs Act can pass into law. While the Republicans control both the House and Senate, and thus no opposition support is needed or expected in this process, relatively small majorities (particularly in the Senate) makes further compromise amendments among Republican legislators very possible before passage.