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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House Ways and Means continues debate of tax bill

by MICPA | Nov 09, 2017
Buffeted by seething differences, members of a key House panel are digging into work on the sweeping GOP tax plan that President Donald Trump and Republicans are counting on to protect their majorities in elections a year from now.

Buffeted by seething differences, members of a key House panel are digging into work on the sweeping GOP tax plan that President Donald Trump and Republicans are counting on to protect their majorities in elections a year from now.

The Ways and Means Committee started debating the proposed legislation on Monday with nearly eight hours of heated argument and accusations. For majority Republicans, the plan would bring needed tax relief to the middle class, kick-start the lagging economy and create jobs. For the Democrats, it's a tax-cut bounty for big corporations and the wealthy, and a ham-fisted elimination of benefits relied on by middle-class and low-income people.

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