On November 9, 2017, the Senate Committee on Finance revealed its version of the tax reform plan (the “Senate Bill”) in response to the previously-released House tax reform bill (the “House Bill”). While the Senate Bill also includes tax rate reductions for most individuals and businesses, it diverges from the House Bill on a number of issues, which will require negotiations between the two houses of Congress in the coming weeks.
Director Jen Crawford reflects on her recent session from Corptax CONNECT 2017, sharing key takeaways and answering audience questions.
On November 2, 2017, House Ways & Means Committee Chair Kevin Brady (R-TX) introduced the legislative language of H.R. 1, the “Tax Cuts and Jobs Act” (the “Bill”). This much-anticipated bill outlines the House Republicans’ plan for tax reform, including broad changes to the current tax code for both international and domestic businesses and individuals.
House Republicans are expected to release their tax package on November 2nd and Senate Republicans may follow suit with their own version the next week.
The key principles at the heart of the Framework are simplification, tax reduction for individuals and businesses, and repatriation of business earnings currently kept offshore. The proposals outline extensive changes to the taxation of both domestic and international business, as well as to the taxation of individuals.