The Senate this week is expected to vote on Republican-sponsored legislation to overhaul the nation’s tax code. A vote could come as early as Thursday, but before that happens, there’s going to be a lot of horse-trading to secure enough Republican votes to pass the bill (Democrats are united in their “no” vote).
If it feels like this all happening really fast, it is. Republicans want to get a bill to the President to sign before Christmas. In the rush, keeping track of any changes in the Senate’s version is challenging. And if a tax bill does get more than 50 Republicans, then the legislators from both chambers will have to meet and iron out the differences between the two bills.
So while there isn’t a final version yet, it’s clear from the House bill and the outline from the Senate for how it plans to pay for tax cuts (that will still add $1.4 trillion to the deficit over the next 10 years) that the tax overhaul will affect homeowners and renters in the New York City and New Jersey area...................Read More
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