Here's a look at the next steps for the GOP tax plan

Here's a look at the next steps for the GOP tax plan
House Speaker Paul D. Ryan makes closing remarks Republican senators and representatives announce the new tax reform plan endorsed by President Donald J. Trump on Sept. 27, 2017. (Ron Sachs / TNS)

What Republicans need to do next to pass tax reform:

  • The Senate must pass a 2018 fiscal year budget plan, which would allow for tax changes to be enacted with a simple majority. Votes are expected next week. The House passed a $4.1-trillion budget plan last week.
  • The House and Senate must then agree on a final version of the budget plan and adopt it.
  • A tax bill would be introduced in the House Ways and Means Committee, in consultation with the Senate Finance Committee, likely in November.
  • The House hopes to vote on the tax bill before Thanksgiving.
  • The Senate then would aim to vote on the bill before Christmas.

These key issues still must be decided:

  • State and local taxes — Republicans wanted to eliminate the deduction, but opposition means they’ll probably have to keep it in some form.
  • Tax brackets — Income levels for individual tax rates still must be set, with the possibility of a fourth bracket for higher incomes.
  • Deductions and loopholes — Republicans say they will eliminate most of them, but lobbyists will fight once specific changes are made public.

-- By Lisa Mascaro and Jim Puzzenghera