Yesterday, majority House leaders rolled out a proposed tax overhaul that would drastically reform tax policy. The 429-page bill, the Tax Cuts and Jobs Act, introduced on November 2, 2017 includes provisions that target an array of tax policies including mortgage interest caps, corporate tax rates, estate taxes and death tax. The proposed tax plan is still in the beginning phases of legislation and is still being debated amongst majority leaders. The bill’s debut comes on the heels of a less than productive political year. Majority leaders have yet to pass a piece of major legislation since the election of Donald Trump. Although, many GOP representatives are not sold on the proposed legislation, there is an over-arching pressure to pass a paramount legislation before the election year begins.
This tax bill, if passed, will have a major effect on many individuals, families, business owners. Although the bill is still in the beginning stages of legislation, and it is likely that provisions will be changed, revised or deleted, we’re providing a two-party summary of the key components of the bill in its current form.
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