On the same day, the Senate Finance Committee passed its own version of the TCJA. However, significant differences still remain between the House and Senate plans. Before Donald Trump can sign the TCJA, the US House of Representatives and the US Senate must pass a joint bill. Whether this will happen before Christmas is not certain.
To find out more download our latest tax alerts "House GOP unveils tax overhaul details" and additionally "Senate Finance Committee passes Tax Cuts and Jobs Act with additional changes" written by our American colleagues Richard Bloom, James Wienclaw, Tifphani White King, Nathan Pliskin and Timothy Evans.