Senate Finance Committee Approves GOP Tax Reform Bill

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Sen. Orrin Hatch Chairman Senate Finance Committee

The Senate Finance Committee approved the GOP tax reform bill on Thursday night after spending nearly a week on markup.

The Committee’s approval comes after the House of Representatives passed the Tax Cuts and Jobs Act.  The panel passed the legislation in a party-line vote of 14-12.

The GOP tax reform bill will be brought to the Senate floor for final approval sometime after the Thanksgiving break.

In a statement, Senate Finance Committee Chairman Orrin Hatch (R-Utah) said they crafted a tax overhaul that promotes growth and jobs. It is for families and will move America forward. It will modernize the country’s tax system to meet the current challenges and opportunities.

Sen. Hatch emphasized that the legislation is a product of months-long hard work and nearly a week of robust deliberation. He said, “The Senate Finance Committee acted tonight to advance the most comprehensive tax reform bill in a generation. This is a historic moment and one we should all be proud of.”

He said the Senate tax reform bill “will improve the lives of average Americans” because it focuses on building a better economy.