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 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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