WASHINGTON—Senate Majority Leader Mitch McConnell (R-KY) said he expects the Senate will pass a comprehensive tax overhaul bill next year using the budget reconciliation process, which would shield the bill from the 60 votes needed to end a possible filibuster.
Reacting to the news, NAFCU said it remains vigilant in its focus on preserving credit unions’ tax exemption as talks of tax reform resurface. Last week, NAFCU Vice President of Legislative Affairs Brad Thaler reminded congressional leaders of the value credit unions provide to the greater U.S. economy.
Reports indicate that McConnell said the tax reform bill will reduce the deficit through the tax code. He said the details weren’t clear as to what the reform will look like, but that it would be rolled into a bill to “reconcile” the tax code with the budget and could then pass the Senate with a simple majority.
NAFCU noted that in McConnell’s press conference has said that using budget resolution could come up as an option for other Republican priorities, including deregulation. “The two biggest impediments to growth in our country are over-regulation and the tax structure,” McConnell said.