Process Continues on Tax Reform; Concerns Remain

Late Tuesday, November 14th, Senate Republicans released additional changes to their tax reform package that would repeal the Affordable Care Act's individual mandate, make corporate tax cuts permanent, and individual tax cuts temporary, reported The New York Times.

The Senate Finance Committee is expected to vote on its bill tomorrow, November 17th, with the full Senate expected to vote on the bill this week after Thanksgiving. The full House voted favorably today on its version of tax reform, clearing the legislation 227-205 after the Ways and Means Committee approved it last week. Rifts remain between the House and Senate tax bills, with the Senate's repeal of the state and local deduction and the mandate being the most significant areas of disagreement.

SFIG is following the debate carefully and is concerned with how tax reform is currently contemplated. As highlighted in our Issue Spotlight, any tax reform package should be considered thoughtfully so that it has a minimal disruption to consumer financial health and subsequent impact to the capital markets.

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