Daily Tax Update - October 26, 2017: House Passes Senate Budget Resolution

House Passes Senate Budget Resolution:  The House passed H.Con.Res. 71, adopting the congressional budget for fiscal year 2018 as previously adopted by the Senate. The budget includes reconciliation instructions permitting the Senate to proceed on tax reform increasing the 10-year deficit by up to $1.5 trillion with only a majority vote. The resolution passed on a 216-212 vote. Twenty Republicans joined Democrats in voting against the resolution, with many citing proposals to eliminate or limit the state and local tax deduction as a reason for their vote.

Kautter to Serve as Acting IRS Commissioner:  The Trump Administration announced that President Trump intends to designate David Kautter as Acting Commissioner of the IRS, effective November 13. Mr. Kautter was appointed to be the Assistant Secretary of the Treasury for Tax Policy earlier this year.