Week 1 How Taxes are Created Transcript

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Tax bills originate in the House of Representatives and are referred to the House Ways and Means C ommittee for review. The House then approves the measure in whole or rejects it. The Finance Committee reviews the Senate version of the bill. The Senate then approves the measure in whole or rejects it. A Conference Committee is convened with members from both the House and Senate where differences between the two versions of the bill are ironed out. House and Senate then vote on this co mpromise version. If passed by both the House and Senate, then the President of the United States can:

  • Sign it
  • Veto it
  • Let it sit on his desk where it becomes law if no action is taken within 10 legislative days.
  • If Congress, by its adjournment, prevents the President from returning the bill with objections within 10 days, it does not become law ( “ Pocket Veto ” ).