On Thursday, November 2, The House Ways and Means Committee unveiled a draft of the tax reform legislation. The Tax Cuts and Jobs Act includes provisions listed in the Republican’s September tax reform and includes new details. The tax reform bill would allow a federal government revenue cut up to $1.5 trillion in the course of 10 years and would still be enacted under the Senate’s budget reconciliation rules. The bill displays new tax rates, an increased limit on the deductibility of home mortgage interest, the repeal of most deductions for individuals, and many other provisions. The Senate Finance Committee is creating its own personalized tax reform legislation, which is expected to be revealed this week.
You can read more about the proposed tax bill and the details here. Again, it is only a proposal, and we do expect that it is likely that substantial changes will occur.