List the steps in the legislative process for major tax reform.
What will be an ideal response?
1. Treasury studies are prepared on needed tax reform.
2. President makes proposals to Congress.
3. House Ways and Means Committee prepares House bill.
4. Approval of House bill by the House of Representatives.
5. Senate Finance Committee prepares Senate bill.
6. Approval of Senate bill by the Senate.
7. Compromise bill approved by a Joint Conference Committee.
8. Approval of Joint Conference Committee bill by both the House and Senate.
9. Approval or veto of legislation by the President.
10. New tax law and amendments incorporated into the Code.
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What will be an ideal response?
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