Many of us know that there are three branches of the United States government: Executive, Legislative, Judiciary; and that there are two Houses in (legislative) Congress: Senate and House. Many of us don’t know the roles and responsibilities of each. The famous jurist and former Supreme Court Justice, Oliver Wendell Holmes, opined in a court ruling, ‘Your freedom to swing your arm ends where the other man’s nose begins.’
Regarding the recently passed Senate Tax Bill two insights will be helpful for us each to inform ourselves. The first is the Legislative Process: How a Senate Bill Becomes a Law. This ten-page document was produced by the U.S. Senate.
The second is an article, CIO Journal, published by The Wall Street Journal, and sponsored by Deloitte that appeared this morning about the federal tax code, its process, and some of its implications. It states, ‘Given that the details of the overhaul of the federal tax code are still greatly in flux, pending negotiations between the House and the Senate, it’s impossible to say just what the final bill’s impact on the economy will be.’
It has never been more important for each of us to be informed.