With tax reform legislation now in conference committee having cleared both the U.S. House and Senate, HKS Professor Jason Furman returns with an update on where things stand. He addresses the economic growth the bill’s proponents have claimed; why provisions dealing with “pass-through corporations” have raised questions from economists on both sides of the aisle; how the elimination of the State And Local Tax (SALT) deduction might impact state government finances; why taxing university endowments could hurt U.S. competitiveness; the impact of both bills’ large corporate tax rate cuts; and the parts of the bill that he sees as positive steps.