On Thursday, November 2nd, the House GOP leaders took a big step in their attempt to overhaul the US tax code by releasing legislation that proposes several changes to the current system.
In summary, “the House of Representatives released a draft tax reform bill titled the “Tax Cuts and Jobs Act.” The bill would reduce individual and business tax rates, would modify or eliminate a variety of itemized deductions as well as repeal the estate and alternative minimum taxes, and would change the taxation of foreign income. The Ways & Means Committee intends to formally markup the bill the week of November 6 with full House floor consideration planned before Thanksgiving. Most of the provisions would be effective starting in 2018.”
You can review the one-page overview with details HERE.
As always, #TeamBrixeyMeyer is always here to help! Feel free to reach out if you have questions on the implications of these changes.