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Tax Reform 2.0 is an attempt to give House Republicans something to offer voters on the campaign trail in October as they eye a political wave approaching in November that is likely to oust them from power.
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As Congress prepares for its August recess and looks ahead to midterm elections, a great nervousness prevails over both Republicans and Democrats on the outcome of the election.
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While the new law simplified some tax provisions for individuals such as replacing most itemized deductions with a larger standard deduction, it made the law murkier for one of the most valuable tax benefits for small businesses — the special tax rate for businesses organized as pass-through entities.
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- Economic Perspectives
- Financial Planning
- Financial Planning
- Financial Planning
- Managing Taxes
On December 19, 2017, the House and Senate approved final passage of the Tax Cuts and Jobs Act (H.R. 1). The law provides $5.5 trillion in tax cuts with $4 trillion in offsetting tax increases. This leaves a net $1.5 trillion of unfunded tax cuts.
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Tax reform is front and center in Washington. Tax writers are expected to release details of corporate and individual tax plans in a few weeks and start House and Senate debate.
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With the failure of Congressional Republicans to repeal and replace the Affordable Care Act, tax reform is now thrust to the front of the line as the White House and Congressional Republicans look for their first major legislative policy win.
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