How Does the New Tax Plan Affect Me?
Many of you are asking where we stand on tax reform for next year and how will it affect your taxes. Here is what we know right now… 2017 Tax Reform: Key differences between the Senate and House tax bills The Senate and the House have each passed their own version of the “Tax Cuts and Jobs Act.” The two versions of the bill have many similar provisions, but they also have a number of key differences that will have to be reconciled by the Conference Committee as the two bills are merged into a single piece of legislation. It is unclear at this point how these differences will be resolved. There is a general inclination that the Senate's provisions carry slightly more weight since the Senate is subject to budgetary restraints as part of the reconciliation process and there is less flexibility to make changes to their bill. The House voted on December 4 to go to conference with the Senate to reconcile the two bills and the Senate is expected to name conferees...