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DLM Advisory – Senate Budget Committee Reports Tax Bill

Senate Budget Committee Reports FY 2018 Budget Reconciliation Legislation
WASHINGTON D.C. – The United States Senate Budget Committee, chaired by Senator Mike Enzi (R-WY), today reported out the FY 2018 Budget Reconciliation legislation. Last month, the Senate passed a budget resolution that included reconciliation instructions to spur economic growth, and specifically instructed the Senate Finance Committee to come up with comprehensive tax reform and the Senate Energy and Natural Resources Committee to save $1 billion. Enzi noted that this legislation will help boost America’s economy, create more jobs, and leave more money in people’s paychecks. The bill now heads to the full senate for consideration. The House of Representatives approved a reconciliation bill earlier this month focused on tax reform.
“House and Senate passage of the budget resolution marked an important first step toward tax relief for American families and job-creators that will jumpstart economic growth,” said Chairman Enzi. “Today’s markup moves us one step closer to a simpler, fairer, and more transparent tax system. This bill will provide a needed makeover for our out-of-date tax code while advancing American energy security.”
Specifically, the legislation will reduce the tax burden on American job creators and modernize our outdated tax system. Tax reform will help put American companies on a level playing field with their foreign competitors in order to grow the economy and create more jobs at home. The bill also includes a more targeted provision focused on growing domestic jobs and economic investment through limited and responsible energy development in Alaska, which the Congressional Budget Office estimates will raise nearly $1.1 billion over the 10-year budget window.