Wolters Kluwer Tax & Accounting has provided a tax briefing with an analysis of the potential implications of the first legislative details of the 2017 tax reform proposals.
On Nov. 2, the House Ways and Means Committee released the first details on tax reform that President Trump had promised. Prior summaries focused on popular sections of tax reform such as big tax cuts for individual and business. The new legislative text released addresses how those tax cuts will be paid for, what current tax breaks would disappear, and what compromises are necessary to keep the promised focus on tax relief for the middle class.
The GOP proposal spans 429 pages, and Wolters Kluwer’s briefing consolidates the language into a six page document.
The brief from Wolters Kluwer highlights and explains such issues as the elimination of the alternative minimum tax, the repeal of the federal estate tax after 2023, and the repeal of many business incentives. It is free to access here.
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