What will current tax proposals mean to you?
2017 Tax Reform Outlook
There is significant momentum in Washington D.C. to reform the U.S. income tax system. While there has been a broad consensus that the income tax system is in need of reform, there has not been a consensus on what a reformed system would look like, and it has not been given legislative priority unit now.
With the election of President Trump and control of both houses of congress going to the Republican party, tax reform is now center stage only behind the Affordable Care Act repeal.
There are 3 basic proposals that have been released for consideration and work is now being done, by the staffs of members of the House Ways and Means Committee, to produce a proposal that can be discussed in the committee, and eventual introduction to the House of Representatives for consideration. The Senate will likely review a plan of its own sometime late this summer. It’s likely that nothing will get passed this year.