“Tax Reform: Now it’s the Senate’s Turn”
On November 9, 2017, the Senate Republicans released their version of the sweeping tax reform plan (the “Senate Plan” or the “Plan”). Although the Senate Plan has many proposals that are similar to those in the House Bill, there are also many significant differences. Even those provisions of the Senate Plan that generally mirror the provisions of the House Bill contain many nuanced differences. The scope of the Senate Plan and the House Bill is very extensive, and, if enacted, these bills would significantly transform the current tax system affecting all U.S taxpayers, including individuals, businesses, and tax-exempt organizations.
This Stroock Special Bulletin follows up on the previous bulletins dedicated to the tax reform and highlights some of the more significant differences of the Senate Plan from the House Bill.