The Tax Cut and Jobs Act
After months of anticipation and expectation, on November 2, 2017 the House Ways and Means Committee released a bill to provide the most substantial reform of the tax code since 1986. Here is an overview and summary of the major components of this first step in the tax reform process.
The Tax Cut and Jobs Act approaches tax reform by broadening the tax base and eliminating loopholes in order to provide some tax rate reductions. In addition to these rate reductions there are other changes and "reforms" that speak to GOP priorities. Based on the summary below, it seems obvious that with tax reform one person's loophole is another person's tax incentive.
2017 Tax Cut and Jobs Act Whitepaper
Herbein + Company, Inc. has compiled a whitepaper focused on the Tax Cut and Jobs Act where we outline the reform and provide our observations on each area. Click here to download the 2017 Tax Cut and Jobs Act today.