On November 16, the U.S. House of Representatives passed the Tax Cuts and Jobs Act by a vote of 227 to 205. What are tax reform’s next few steps? On November 17, the Senate Finance Committee approved its own tax reform bill, and the full Senate is expected to weigh in on the bill after the Thanksgiving holiday. If the Senate passes its bill, the House and Senate will work to reconcile their two bills into a final piece of legislation.
Here’s an overview of some of the most significant provisions for individual taxpayers and businesses in the House bill. Most of the changes will go into effect in 2018 if they’re included in reconciled legislation.Read More