Tax Reform Resources

$1.5 Trillion Tax Reform Plan Signed Into Law

The bill was the most significant overhaul of America’s tax system in decades and a legislative victory for the President,
who has struggled during his first year in office to pass major bills that would deliver on campaign promises,
even with Republicans having the majority in both chambers of Congress.

Under the new law, individual tax rates will be lowered, but those cuts are set to expire in 2025. The standard deduction, which will almost double, is likely to become more popular. The tax credit for children will also double, which Republicans have said will benefit lower-income families. The largest cut in the new tax law — which will not expire — benefits corporations.

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Featured News

House Republicans suddenly have a massive problem with their tax bill

by Bob Bryan | Nov 09, 2017
In an attempt to rally support for their tax bill, the House Republican leadership may have created an even bigger headache.
  • House Republicans made changes to a proposed excise tax on multinational companies in the Tax Cuts and Jobs Act with an amendment on Monday.
  • The Join Committee of Taxation found that by weakening the proposed tax, the TCJA would add more than $1.5 trillion to the federal deficit over 10 years.
  • That would disqualify the bill from passing under the budget-reconciliation rules.

In an attempt to rally support for their tax bill, the House Republican leadership may have created an even bigger headache.

According to an update from the Joint Committee on Taxation, an amendment to the Tax Cuts and Jobs Act that was added late Monday would make the bill fail a key test and force Republicans to come up with an alternative solution to raise revenue.

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