It’s an exciting week here on the Davis Polk tax floor as we gear up for coverage of the House GOP tax bill release. Although scheduled for November 1st, widely circulated rumors indicate that we may be waiting longer to see full bill text. Tomorrow’s delivery (if it happens) may be in the form of a more detailed summary of the bill’s more salient provisions, with actual text to follow towards the end of the week (or maybe even over the weekend).
If House Republicans still want to pass a bill before the Thanksgiving recess (which starts Friday, November 17th), some form of text must be sent to the House Ways and Means Committee by early next week. If not, it’s hard to see how House Republicans can report the bill out of committee and bring it to a vote on the floor on schedule.
Interestingly (and in an apparent departure from the plans the Big Six laid out for a single bill moved through both houses), Senator Bob Corker told reporters today that Senate Republicans plan to release their own tax bill on November 8th.