The U.S. Senate voted over the weekend to pass a sweeping tax overhaul worth about 1.4-BILLION dollars. Congressman Tom Reed says if all goes as planned, on January 1st the new law will go into effect and have an immediate impact on withholding tables and our paychecks.
Reed says it will also give tax preparers and the IRS time to wrap their heads around the changes.
The bill is not yet finalized. Negotiators from both the House and Senate started meeting Monday to agree on a single piece of legislation that both chambers must approve before it is sent to the president for his signature.