The landscape of tax reform continues to change, with further mark-ups, compromises, and changes occurring in the near future. But we believe it important to communicate to you where we are now. Below is a detailed comparison of the Senate proposed tax legislation (released on November 13, 2017) as compared to the House proposed tax legislation, which includes mark-ups.
While there are many similarities, there are stark differences as well. The overall theme of tax rate cuts remains consistent, but the differences could have significant tax impact. The following are some key differences found in the Senate bill:
As this went to writing, Senate Republicans were thinking of adding a provision to their tax bill that would repeal the requirement that all Americans have health insurance, in order to free-up money under the bill to “pay” for the current proposal plus possible additional tax reductions.
Stay-tuned as we will continue to keep you abreast of breaking developments as the process of tax reform moves further.
To view an in-depth comparison between the House bill and the Senate bill, click on one of the sections below.
The Citrin Cooperman Federal Tax Policy Team will follow the legislative process closely and you apprised of the potential changes and consequences of the tax proposals. If you have any questions regarding current or proposed policy, please do not hesitate to reach out to a FTPT advisor.