The U.S. Senate and House of Representatives are on two separate paths as they move toward the same goal of passing tax legislation. The former is taking a two-bill approach. The Senate passed its first budget resolution on Feb. 21 covering immigration, defense and energy. It’s planning to tackle taxes in a second bill later this year. Meanwhile, the House is attempting to cover President Trump’s agenda (including taxes) in “one big, beautiful bill.” However, the bill currently lacks the votes to pass. The plan calls for slashing taxes by up to $4.5 trillion and sets a goal of cutting federal spending by $2 trillion over 10 years. Trump now says he prefers the one-bill approach. Stay tuned.
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