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

Tax Cuts and Jobs Act Moves Forward

by MICPA | Dec 05, 2017
The tax bill moved on this week, with the House of Representatives voting 222-192 to go to conference committee, where the committee will work to iron out the differences in the House and Senate versions of the bill. The conferees have been tasked to deliver a reconciled bill to the President before Christmas.

The tax bill moved on this week, with the House of Representatives voting 222-192 to go to conference committee, where the committee will work to iron out the differences in the House and Senate  versions of the bill.  The conferees have been tasked to deliver a reconciled bill to the President before Christmas.

The office of House Speaker Paul Ryan, R-Wisconsin, said he had named as conferees GOP Reps. Kevin Brady of Texas, Devin Nunes of California, Peter Roskam of Illinois, Diane Black of Tennessee, Kristi Noem of South Dakota, Rob Bishop of Utah, Don Young of Alaska, Greg Walden of Oregon and John Shimkus of Illinois.

House Minority Leader Nancy Pelosi, D-California, announced her choices as Democratic Reps. Richard Neal of Massachusetts, Sander Levin of Michigan, Lloyd Doggett of Texas, Raúl Grijalva of Arizona and Kathy Castor of Florida.

Once  a joint bill is completed, it will go to the House and Senate for approval and then be delivered to the President. 

Stay tuned to the MIPCA for more breaking news.

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