• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Finance

The U.S. House Budget Committee Has Approved a Measure That Advances Tax Reform

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
July 19, 2017, 11:12 PM ET
House Budget Committee
UNITED STATES - MAY 24: Chairman Diane Black, R-Tenn., and Ranking Member John Yarmuth, D-Ky., listen to testimony by OMB Director Mick Mulvaney during a House Budget Committee hearing in Longworth Building titled "The President's FY2018 Budget" on May 24, 2017. (Photo By Tom Williams/CQ Roll Call)Tom Williams CQ-Roll Call,Inc.
Add Fortune on Google for similar content.

WASHINGTON, July 19 (Reuters) – The Republican-led U.S. House of Representatives took a new step toward tax reform legislation on Wednesday by approving a fiscal 2018 budget resolution that would allow the Senate to pass a sweeping tax code overhaul without Democratic support.

The House Budget Committee voted 22-14 along party lines to send the measure to the floor of the House for consideration by the full chamber, a day after the $4 trillion spending blueprint was unveiled.

But it was not clear how the measure would fare in the full House, where it could become embroiled in Republican infighting between conservatives and moderates similar to the political tug-of-war that caused healthcare legislation to disintegrate in the Senate this week.

Both the House and Senate must approve a budget agreement to unlock a legislative tool called reconciliation, which would allow Republicans to pass tax legislation with a simple majority in the Senate. Republicans control the chamber by only a 52-48 margin.

Democrats oppose the Republican budget and Republican plans for a tax reform bill that is likely to offer steep tax cuts for corporations and the wealthy.

The House budget resolution would combine tax cuts in the same legislation as $203 billion in spending cuts to mandatory programs including food assistance for the poor.

For more on tax reform, see Fortune’s video:

Enough Republican conservatives to prevent its passage already oppose the plan, because they believe it does not go far enough to cut spending. But Republican moderates are against larger cuts.

Some House conservatives also want to see a Republican tax reform plan before supporting a budget that would facilitate its passage. The Trump administration and Republican leaders in Congress are not expected to unveil a tax plan until September.

The budget resolution would also bundle a partial repeal of the 2010 Dodd-Frank Wall Street reform law into the same legislation as taxes and spending cuts.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Current refi mortgage rates report for July 2, 2026
Personal FinanceReal Estate
Current refi mortgage rates report for July 2, 2026
By Glen Luke FlanaganJuly 2, 2026
1 hour ago
Mortgage rates today, July 2, 2026
Personal Financemortgages
Mortgage rates today, July 2, 2026
By Glen Luke FlanaganJuly 2, 2026
1 hour ago
Current ARM mortgage rates report for July 2, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for July 2, 2026
By Glen Luke FlanaganJuly 2, 2026
1 hour ago
hegseth
Startups & VentureVenture Capital
The defense tech boom has become a bubble—or it will be soon
By Allie GarfinkleJuly 2, 2026
1 hour ago
Emily Blunt is worth $80 million and just pocketed $15 million for her latest film—but she once wanted to be a Spanish translator for the UN
SuccessCareers
Emily Blunt is worth $80 million and just pocketed $15 million for her latest film—but she once wanted to be a Spanish translator for the UN
By Orianna Rosa RoyleJuly 2, 2026
1 hour ago
Trump’s 927-page disclosure is just a normal Tuesday for direct indexing and crypto wealth managers
InvestingDonald Trump
Trump’s 927-page disclosure is just a normal Tuesday for direct indexing and crypto wealth managers
By Catherina GioinoJuly 1, 2026
10 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
1 day ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Newsletters
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
By Diane BradyJuly 1, 2026
23 hours ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
19 hours ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.