“Overview of the Proposed ‘Tax Cuts and Jobs Act’ and How it Differs from Current Law”
On November 2, 2017 the House Republicans finally unveiled their proposed comprehensive tax reform plan. The scope of the GOP tax reform plan is very extensive, and, if enacted, this bill would significantly transform the current tax system affecting all U.S taxpayers, including individuals, businesses, and tax-exempt organizations. This proposed tax reform is likely to be modified in the course of the legislative process, but it is helpful to review the current GOP tax reform plan because it is likely to be used as a starting point and as the framework for future proposals.
This Stroock Special Bulletin provides a general overview of some of the more significant parts of the GOP tax reform plan, and highlights the main differences from current law.