On November 2, House Republicans released their tax reform bill titled, “Tax Cuts and Jobs Act.” Michael Best Strategies’ (MBS) tax policy experts, Denise Bode and Anne Canfield, both veterans from the last tax reform overhaul that was passed by Congress in 1986, have been providing constant updates to their tax analysis charts in this tax reform update. As they predicted, the legislation is currently being refined and perfected as it moves through the legislative process. On November 3, House Ways & Means Committee Chairman Kevin Brady released his "Chairman's Mark” which was then marked up in committee this week. During that mark-up, Chairman Brady has offered several Chairman's amendment which have been summarized and included in the House bill column, updating our version from last week. On Thursday, November 9, the Ways & Means Committee voted and passed their revised legislation which will be considered on the House floor sometime the week of November 13.
Also on November 9, the Senate Finance Committee released their tax bill overview also titled, "Tax Cuts and Jobs Act ." The Senate Finance bill is different in many aspects from the Ways & Means' bill and requires a side-by-side analysis, which MBS has provided in this tax reform update (pages 2-5). Unlike the House bill, their summary is not drafted in legislative language so this was supplemented by the Joint Committee on Taxation's description of the Chairman's Mark.
Below are the links to important Senate Finance bill documents and resources. We have also included the House Ways & Means Committee's final bill and other helpful documents that explain the House's version.
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.
Senate Finance Links:
Click here to see the MBS analysis of the latest versions of the House passed tax bill and Senate proposal.
The MBS Tax Side-by-Side and key links to important documents are included.