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News

House Ways and Means approves amended Tax Cuts and Jobs bill

  • 13 November 2017
  • Author: machele
  • Number of views: 59
  • 0 Comments
The House Ways and Means Committee voted 24–16 on Thursday to send the Tax Cuts and Jobs Act, H.R. 1, to the full House for a vote. However, the bill, as marked up by the committee, contains many changes from the original version of H.R. 1 released last week. Reportedly, some of these changes were made to reduce the 10-year cost of the bill, and according to a preliminary estimate by the Joint Committee on Taxation, the net effect of the bill as marked up would be to reduce federal revenues by

Senate tax reform bill differs from House version in many ways

  • 10 November 2017
  • Author: machele
  • Number of views: 62
  • 0 Comments
Thursday saw two developments in the tax reform legislative process. The Senate Finance Committee released a proposed tax reform bill, the Tax Cuts and Jobs Act, and the House Ways and Means Committee issued a revised version of H.R. 1, the bill it first introduced last week.

The Senate bill contains many of the same proposals as the House bill, but also differs in several significant respects from the proposed House bill.

House bill features many business tax changes

  • 8 November 2017
  • Author: machele
  • Number of views: 41
  • 0 Comments
At an estimated projected revenue cost over 10 years of $1.46 trillion, the reduction of the corporate income tax rate in the Tax Cuts and Jobs Act, H.R. 1, is the bill's largest single item by forecast negative effect to the federal budget, according to the Joint Committee on Taxation's estimate (JCX-47-17). But the bill contains many other provisions that would affect a large number of businesses, if enacted.

What the House tax bill holds for individuals

  • 6 November 2017
  • Author: machele
  • Number of views: 53
  • 0 Comments
The Tax Cuts and Jobs Act, H.R. 1, released by the House Ways and Means Committee on Thursday, contains a large number of provisions. Many of these would affect individual taxpayers if the bill is enacted.

 

These provisions include new tax rates and a larger standard deduction and the repeal of many deductions, credits, and exclusions that are available under current law. The bill would also repeal the estate and generation-skipping transfer (GST) taxes and the alternative minimum tax (AMT).

Details of tax reform legislation revealed

  • 3 November 2017
  • Author: machele
  • Number of views: 61
  • 0 Comments
The House Ways and Means Committee released draft tax reform legislation on Thursday. The Tax Cuts and Jobs Act, H.R. 1, incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details. Budget legislation passed in October would allow for the tax reform bill to cut federal government revenue by up to $1.5 trillion over the next 10 years and still be enacted under the Senate’s budget reconciliation rules, which would require only 51 votes in the Senate for passage. 
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