Posted by Jeffrey M. Feingold on 10.05.17
The White House and Republican congressional leadership released a nine-page outline on September 27, 2017 to guide upcoming legislation on tax reform. This framework will help in configuring what will be an active, and likely debatable phase of tax reform.
Under the announced framework, the top individual tax rate would be 35% and the corporate tax rate would be 20%. The framework provides tax reform goals, however it does not provide legislative language, which would still need to be developed in the congressional tax-writing committees. Republicans have announced that their goal is to have tax reform legislation enacted by the end of the year.
For individual taxpayers, the framework calls for:
For businesses, the framework calls for:
The next obstacle will be congress agreeing on a budget resolution, which is needed in order for tax reform to proceed under a budget reconciliation process.
This is the time for taxpayers to pay attention to a rapidly intensifying tax reform effort. We are always watching all news and information regarding tax reform here at Tax Point Advisors. Tax Point Advisors is always here to help, please call 800-260-4138 or fill out the form below and we will be happy to discuss how some of the reforms may or may not effect you this tax season.