Holidays, Government shutdown?, Senate Election in Alabama, and Taxes

The government gave itself a two week extension to get some matters concluded prior to the holiday break and year end.

On Dec. 7, House and Senate lawmakers approved H.J. Res 123, a continuing resolution (CR) to fund the government through Dec. 22. The president signed the CR on Dec. 8. The CR modifies the expiration date of the previous CR (P.L. 115-56) from Dec. 8 to Dec. 22, so all provisions in the previous CR, carry forward. The two week extension is meant to provide additional time for congressional leadership to negotiate.

Many Americans are watching to see what transpires in the Senate race in Alabama. Polls open Tuesday, Dec. 12.

Regarding tax news, you may feel like you are caught in a game of hurry up and wait while the House and Senate work out their compromise tax bill. Like many Americans, you’re probably wondering what deductions will be in or out. And which tax rate you might fall under when all is said and done.

The compromise committee set up to work out the details of a unified bill aims to finish its work by December 15 and bring it to the full House for a vote during the week of December 18. The Senate is expected to vote by December 22. If a bill is passed this year—and that is looking increasingly likely--many of its provisions will take effect on January 1. (source ML news 2017)