Tax Reform Resources
This fall, Congress has made strides toward a historic tax reform package. For the first time since 1986, Congress is considering sweeping changes to the tax code that will offer hardworking American families relief from burdensome taxes. If you would like to learn more about how these proposed changes will affect North Texas families, please see the resources below.
Conference Report (As of December 12, 2017)
The Tax Cuts and Jobs Act Conference Report was released last Friday. To view a side-by-side comparison of current law vs. proposed changes in H.R. 1, please click here. (The information included in the document was sourced from the Tax Foundation, the Tax Policy Center, the Internal Revenue Service, and the House Ways and Means Committee.)
If you would like to read the full Conference Report, it is available here.
Comparing the House and Senate Versions (As of December 6, 2017)
A side-by-side comparison of the House and Senate versions of the Tax Cuts and Jobs Act is available here.
The House Bill
The Washington Post published a graphic, copied below, comparing the current tax brackets with the proposed reforms in the House bill. The graphic illustrates how the GOP tax plan will reduce the number of tax brackets from the current seven to four. Read the full article and analysis here.
Also, the Joint Committee on Taxation, a nonpartisan committee, sent a letter to House Ways and Means Committee Chairman Kevin Brady commenting on the changes made by H.R. 1 , the Tax Cuts and Jobs Act, to the current tax code. You can read the letter in full here. The key takeaway is its conclusion that, "the combined effect of the tax rate and income threshold amendments made by the bill, along with the standard deduction, would not, in and of themselves, result in an increase in the amount of tax imposed on virtually any filer as a result of these changes."
For more information on the Tax Cuts and Jobs Act, please visit Congress.gov.
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