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Tax Bill Rollup "The Tax Cut and Jobs Act"

Overview

The GOP has been trying to push a major legislative agenda for the President sometime this year, and after the failure of the health care reform the next major issue is tax reform. This post is a roll up of information on the tax reform.

There are two versions, the House version and the Senate version. The Senate version isn't officially a bill yet.

Rollup and Points

I wanted to do a quick roll up of the current GOP tax bills, of which there are two versions, the House and the Senate version. The latter link gives a nice comparison of the differences between the two bills. The NPR article on the Senate only version is here. We should note that the Senate's version isn't officially a bill yet.

The CBO has done a score on the House version which would add $1.7 trillion to the deficit over the next 10 years. The Hill has an article on that here.

The House version also makes the corporate tax cuts permanent and reduces the corporate tax rate to 20% from 35%. A New York Times article covers the House version here and here. I have found this and the CNBC article linked later on to be the most useful.

I found the House version interesting as it is the first time the law would be going after money off-shore by companies. According to the NYT article linked above, there are about $2.5 trillion that is held off-shore.

The Wall Street Journal has a somewhat live coverage page highlighting items as they become available here.

The useful GovTrack.us has a page on the House bill here, known as "H.R.1 Tax Cuts and Jobs Act."

CNBC has a breakdown of winners and losers here on the bill. As always, draw your own conclusions. On first glance, it appears that middle class folks will get a bigger tax break, but as the article explains, that may not be the case for lower middle class with more children.

What Happens Next

As of this writing, the thought for the House version is that it may be brought to a vote on Thursday, 2017-11-16; based on the information from the WSJ page linked above.


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