Describe the legislative process for enacting a new tax law.

Typically,federal tax legislation is introduced in the House of Representatives Ways and Means Committee (although bills can be introduced in the Senate Finance Committee).The House bill is then voted on by the House of Representatives.Then the Senate Finance Committee generates its own bill which is voted on by the U.S.Senate.The Joint Conference Committee resolves differences between the House and Senate versions (if differences exist).The common Joint Conference Bill is voted on by the House of Representatives and the U.S.Senate.If the Joint Conference Bill passes the House and Senate it is signed or vetoed by the President of the United States.If signed,the legislation is incorporated into the Internal Revenue Code.