The GOP Tax Reform Bill appears to be moving along as scheduled at this time. It is now in the process of being marked up by members of the House of Representatives. You can follow that process by clicking here.
The overall goal is for the House to pass a bill this month and then send it to the Senate for consideration in early December. If the Senate and House can agree on terms, the President has indicated that he would like to sign the Tax Cuts and Jobs Act into law by Christmas, with most of the changes outlined in the plan to take effect in 2018.
Here are a few links with some basic info on the major aspects of the bill:
- All Your Major Questions About the GOP Tax Plan, Answered (Washington Post)
- Highlights of the GOP Plan to Overhaul the Tax Code (Fox Business News)
- House GOP Tax Plan Explained (wealthmanagement.com)
Media outlets from all over the spectrum are weighing in on various benefits and consequences of the current language of the bill.
- Giving, Politicking, Endowments and CEO Pay All Could Be Affected by Tax Measure (Chronicle of Philanthropy)
- The GOP’s Hidden 46% Tax Bracket (Politico)
And the Washington Post has an update on the Senate’s take on tax reform. Click here to read that story.
If you would like to read more details of the bill click here to view recent publications from the Joint Committee on Taxation regarding the “Tax Cuts and Jobs Act” (H.R.1). Click here to read “Deep Dive Into the Tax Cuts and Jobs Act – Part 1” by wealthmanagement.com.
Much remains to be seen about what the final bill will hold and when it might become law. Check back here for more updates.
by Barlow Mann