Republicans Unveil Tax Reform Bill

Tax overhaul will be first major legislative effort of the Trump administration 

Flanked by Speaker of the House Paul Ryan and House Ways and Means Committee chairman Rep. Kevin Brady (R-TX), President Donald Trump kisses an example of what a new tax form may look like as he speaks about tax reform legislation in the Cabinet Room at the White House in Washington, DC, on Nov. 2, 2017. Drew Angerer/Getty Images

Republicans introduced the much-anticipated tax reform legislation on Nov. 2. If the bill passes both chambers, it will be the first major U.S. tax reform since 1986.

The House Ways and Means Committee introduced the Republican draft of the tax code rewrite. The markup process—the revision and amendment of the bill in committee—is expected to begin on Nov. 6.