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Tax Reform and Its Impact Explained
Posted by Chrissy Hammond on Thu, Dec 28, 2017 @ 04:22 PM

The Senate passed the final version of the bill introduced as the Tax Cuts and Jobs Act (TCJA) in the early hours of December 20, with the House of Representatives voting again the same day to pass the reconciled tax reform bill. President Trump signed the tax reform bill into law December 22, bringing home a major campaign promise.  Due to a violation of Senate procedural rules, the bill’s name reverted to the more ungainly title, "To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018." We will refer to it merely as the tax reform bill, for ease of reference. As passed, the bill includes elements of both the House version and the Senate version of the tax reform bill.

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Topics: Congress, Tax Reform, House Republicans, senate, tax reform bill

Breaking Down the Conference Committee's Reconciliation of the Tax Reform Bill: Part 2 - Individual, Estate, Trust, and Gift Provisions
Posted by Chrissy Hammond on Thu, Dec 21, 2017 @ 10:22 AM

The conference committee’s reconciliation of the tax reform bill, formerly the Tax Cuts and Jobs Act (TCJA), passed by Congress on December 20, includes significant changes to the taxation of individuals as well as changes impacting estates, trusts, and gifts. For individuals, it is more difficult to state that these changes will provide significant tax benefits, particularly for low and middle-class workers, and especially if the act’s temporary provisions are allowed to expire. Although there are few provisions directly affecting the taxation of trusts, it is clear that fewer individuals will be burdened with estate and gift taxes due to increased exemption amounts. In this second part of our tax reform plan series, we will focus on provisions for individuals and for estates, trusts, and gifts. Our final upcoming article will feature international changes.

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Topics: Congress, Tax Reform, House Republicans, senate, tax reform bill

Breaking Down the Conference Committee’s Reconciliation of the Tax Reform Bill Part 1: Business Provisions
Posted by Chrissy Hammond on Wed, Dec 20, 2017 @ 09:56 AM

After drafting legislation at a breakneck pace with little or no public input and speeding through the conference committee process, the House and Senate reached a compromise on their versions of the tax reform bill, formerly the Tax Cuts and Jobs Act, on December 15. The Senate passed the reconciled bill on December 19, and the House will vote soon followed by the signature from the President. 

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Topics: Congress, Tax Reform, House Republicans, senate, Tax Cuts and Jobs Act, TCJA

Is 2017 the Year for Comprehensive Tax Reform?
Posted by David Bussius on Wed, Dec 14, 2016 @ 08:38 AM

The 2016 election has lasting ramifications for politics, but it also created a unique pathway to tax legislation. Republican presidential nominee Donald Trump took control of the White House and retained control of the House (236 seats to the Democrats’ 191) and the Senate (53-47), which could mean more coordination between the executive branch and the legislative branch than in recent years.

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Topics: David Bussius, Congress, Donald Trump, Tax Reform, 2016 election, House Republicans

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