What an exciting month so far for tax reform! We have an amended bill passed by the House Ways and Means Committee (by vote of 24-16). The bill, H.R. 1, Tax Cuts and Jobs Act, was introduced just one week earlier. On November 9th, the Senate Finance Committee also released a 253-page summary by the Joint Committee on Taxation (most of the pages describe current law).
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On September 27, 2017, the Big 6 released their Tax Reform framework to guide the drafting of Tax Reform Legislation. Here is my summary and observations.
The plan also states President Trump’s Four Principles of Tax Reform:
- Simple, fair, easy to understand
- Give American works a pay raise.
- Make America a jobs market of the world
- Bring back trillions of dollars of unrepatriated earnings
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