The combined tax reform proposal includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed. Here’s a thorough but concise summary of the plan.
Attached is a comprehensive table from Baird’s Tim Steffen comparing both the House of Representatives and the Senate tax reform bills to current law. This is a handy, at-a-glance tool for comparison as both bills are far from identical.
After the 2016 presidential election, we knew that 2017 was going to mean a change in direction for the country. President Trump ran on a platform of tax and healthcare reform, which seemed to signal a new frontier for tax and financial-planning strategies. So a year later, where do we stand?
Understand the key provisions of the Republican Tax Plan—and the impact on both individual and corporate taxpayers.
Here are several items that would be impacted by a full repeal of the ACA. It’s important to note that the replacement plan Republicans want to introduce does not yet exist. It’s very possible that some of these provisions could return in whatever replacement plan is ultimately proposed.