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In 2017, the Tax Cuts and Jobs Act, a $1.5 trillion tax reform plan was signed into law. The bill was the most significant overhaul of America’s tax system in decades. Due to these changes in legislation, the MICPA created this set of resources to help practitioners navigate the differences. Check back often for additional updates. 
  

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House Passes Tax Bill, Again.

by MICPA | Dec 20, 2017
In a rare do-over vote House lawmakers approved the tax overhaul after a snag required them to hold a second vote on the bill. Wednesday's re-vote in the House split mostly along party lines, 224-to-201, as it did 24 hours earlier. Twelve Republicans voted against the measure, along with all the chamber's Democrats.

Final $1.5 Trillion Plan Headed To President

Wednesday, December 20, 2017

In a rare do-over vote House lawmakers approved the tax overhaul after a snag required them to hold a second vote on the bill. Wednesday's re-vote in the House split mostly along party lines, 224-to-201, as it did 24 hours earlier. Twelve Republicans voted against the measure, along with all the chamber's Democrats.

This is the biggest legislative achievement for Republicans since they gained full control of Congress and the White House, with a number of crucial moments, including:

  1. A deficit bargain struck between Senators Patrick J. Toomey and Bob Corker in September
  2. Pressure from the President to tweak retirement savings in the bill and, in the Senate,
  3. A critical early endorsement from John McCain of Arizona, the Republican wild card whoselate defection killed the health care bill.

A study released on Monday by the Tax Policy Center, a nonpartisan think tank, concluded the top 1% of taxpayers - those making more than $732,800 - would get 20.5% of all the benefits in the tax bill next year. The study also found that for people in the middle of the national income scale -  making between $48,600 and $86,100 - 91% will see a tax cut averaging $1,090, while 7% will see a tax increase averaging $910 next year.

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