The embroiled process to a three-month stopgap measure for avoiding a government shutdown at the 11th hour on December 20, 2024, may be an indicator of future challenges Congress could face in the new year regarding tax reform. Many provisions in the Tax Cuts and Jobs Act (TCJA) will expire at the end of 2025. Although Republicans will control both the House and Senate, the margins are razor thin, leaving little room for division.
Already, there has been push-back from some House Republicans during the continuing resolution process after the bill was sliced from more than 1,500 pages to a mere 116 pages, with the final version coming in at a lean 118 pages. The House overwhelmingly passed that version last Friday night, with Senate approval following less than one hour later and President Joseph Biden signing the bill on December 21, 2024.
To dig deeper, visit the original article on the Thomson Reuters blog.