Update on House and Senate Tax Reform Legislation

The House Ways and Means Committee has approved tax reform legislation while the Senate introduced their own proposal to reform the tax code.

A dark contrast photo of the US Capitol against cloudy gray skies.Last week, the House Committee on Ways and Means approved H.R. 1, the “Tax Cuts and Jobs Act” which proposes a variety of changes to the U.S. tax code. The vote was 24-16, along party lines with Republicans supporting the measure and Democrats opposing it. In addition, Senate leaders released details of their own proposal to reform the tax code. Continue reading “Update on House and Senate Tax Reform Legislation”

Update on Government Funding

As Congress looks to wrap up business before the end of the year, it has several large items on its to do list.

U.S. CapitolOn December 8th, the current Continuing Resolution (CR) funding the federal government for Fiscal Year (FY) 2018 expires and the temporary debt limit suspension in place will be lifted. To date, none of the FY 2018 appropriations bills have been enacted and there remains no agreement on the so-called spending caps (sequestration). Continue reading “Update on Government Funding”

Bipartisan TSP Withdrawal Flexibilities Bill Heads to President for Signing

Yesterday, the Senate passed HR 3031, the TSP Modernization Act of 2017, cosponsored by Representatives Elijah Cummings (D-MD) and Mark Meadows (R-NC). It had previously passed the House on October 11th. The bill increases flexibilities in withdrawing your TSP funds.

604px-us-thriftsavingsplan-logo-svg_As part of the Employee Thrift Advisory Council, NTEU has raised the issue of stringent withdrawal rules many times. This year, with bipartisan support in the House and the Senate, championed by Senators Portman (R-OH) and Carper (D-DE), legislation has been passed that will allow active federal employees to make multiple age-based withdrawals from their TSP accounts and to remain eligible for partial withdrawals once they leave government as well. Continue reading “Bipartisan TSP Withdrawal Flexibilities Bill Heads to President for Signing”