Crunch time for Republicans seeking tax code rewrite

It’s crunch time for Republicans as they work toward releasing legislation to overhaul the tax code — a key priority to deliver after their failure to repeal ObamaCare.

The White House and congressional Republicans issued a nine-page tax framework in late September, and the House and Senate saw movement on their budget measures in recent days.

Once a budget resolution is adopted, the next big step is for tax-writing committees to produce detailed bills, something lawmakers say could come sometime this month. And their goal is ambitious — to finish up before the end of the year.

Tax writers have their work cut out for them. They’ll have to move from their blueprint of principles to legislative language to overhaul the U.S. tax code.
As they work, they’re facing pushback from lawmakers and lobbyists seeking to preserve tax provisions and breaks on the chopping block that lawmakers will need to trim to lower tax rates.

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