House Republicans have released their tax reform bill titled, “Tax Cuts and Jobs Act.” Michael Best Strategies’ tax policy experts, Denise Bode and Anne Canfield, both veterans from the last tax reform overhaul that was passed by Congress in 1986, provide their insight and expert analysis below and in the chart on the following page. This proposal is the preliminary Chairman's mark. The Ways & Means Committee will work through the weekend to refine and perfect the legislation. The final chairman's mark will be available only when the Committee begins its markup. Updates will be distributed as Michael Best Strategies receives them.
While the legislation was scheduled for release on November 1, GOP lawmakers delayed the announcement and spent the day ironing out details surrounding state and local tax deductions, when corporate tax cuts will take effect, and how to find revenue to help the tax package adhere to the 2018 budget Congress adopted last month.
Of particular interest is the aggressive schedule the GOP leadership has outlined. President Trump has repeatedly made it clear that he wants to see tax reform wrapped up before the end of the year. With Republicans in dire need for a political 'win' to campaign on in 2018, it appears that the House and Senate leadership is eager to meet the President's timetable.
Click here to see the MBS Initial Analysis of the House “Tax Cuts and Jobs Act”
The MBS Tax Side-by-Side and key links to important documents are included.