House GOP Proposes Sweeping Tax Code Overhaul
House Republicans unveiled a major overhaul of the Internal Revenue Code on November 2, 2017 The proposed “Tax Cuts and Jobs Act” would impact virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there would be “winners” and “losers”. The House GOP plan, at over 400 pages, calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, eliminating the alternative minimum tax (AMT), abolishing the federal estate tax after 2023, enhancing the child tax credit, boosting business expensing, and more. The White House has signaled its support for the House GOP bill. Possible roadblocks to ultimately getting a bill to the President’s desk before year end are unified opposition for House Democrats, as well as intense lobbying efforts to preserve tax breaks slated for elimination. There is also uncertainty over how the Senate will proceed. The Senate Finance Committee (SFC) is reportedly developing its own tax reform bill, which may or may not mirror the House GOP bill.