The House Ways and Means Committee released draft tax reform
legislation on Thursday. The Tax Cuts and Jobs Act, H.R. 1, incorporates many
of the provisions listed in the Republicans’ September tax reform framework
while providing new details. Budget legislation passed in October would allow
for the tax reform bill to cut federal government revenue by up to $1.5
trillion over the next 10 years and still be enacted under the Senate’s budget
reconciliation rules, which would require only 51 votes in the Senate for
passage. The Joint Committee on Taxation issued an estimate of the revenue
effects of the bill on Thursday showing a net total revenue loss of $1.487
trillion over 10 years.
Read More: https://www.journalofaccountancy.com/news/2017/nov/tax-reform-legislation-details-201717798.html
Questions: http://www.rehcpas.com/index.asp
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