On Nov. 2, 2017, House Republicans unveiled the major overhaul of the IRS Code, which would impact every individual and business on a level not seen in over 30 years. With the support of the White House, it is the intent of House Republicans to move the proposed Tax Cuts and Jobs Act quickly to a floor vote. The House GOP plan calls for lowering individual and corporate tax rates, repealing countless tax credits and deductions, eliminating the alternative minimum tax (AMT), abolishing the federal estate tax after 2023, enhancing the child tax credit, boosting business expensing, and more.
According to the special report provided below, taxpayers need to plan for several possible contingencies:
- Passage of a final tax reform bill before yearend,
- Passage of the bill in early 2018, and
- The bill failing to move forward.
Except for a few changes, including business expensing, most provisions in the House bill would not be effective until 2018.
Highlights of this coverage include:
- Top Tax Rate of 39.6%
- Repeal of AMT
- Repeal of Federal Estate Tax After 2023
- Elimination of State and Local Income Tax Deduction
- Limited Property Tax Deduction
- Modified Mortgage Interest Deduction
- Higher Child Tax Credit
- 20% Tax Corporate Tax Rate
- 25% Top Pass-Through Tax Rate
- Research Tax Credit Retained
- Many Business Incentives Repealed
- International Reforms