Revised Tax Package
The midterm elections are over, but the house remains active in trying to revise last year’s massive tax overhaul. Kevin Brady, Chairman of the House Ways and Means Committee, released an end-of-year tax package that he hopes to get passed before the new congressmen take their seats.
The new revisions include tax relief for victims of recent natural disasters, delays or repeals several Obamacare-related taxes, and ends any extensions of many expired breaks that were previously included. The bill also includes provisions Brady proposed earlier in the year, pushing for reform of the IRS, boost in retirement savings, and technical fixes to the TCJA.
Brady previously had pushed an end-of-year tax package that included several extensions for popular, but now expired breaks. He now says those provisions, typically known as extenders, will have to be proposed in separate legislation from his current proposal. The House GOP had initially hoped for a potential floor vote on the tax package last month, but it was derailed when neither side could hide its concern over the cost and certain provisions.
As the year winds down, attendance has become an issue within the House as members are replaced or retiring. Still, any tax change is worth monitoring and is best to stay ahead on the issues. If you have questions, contact us at the Center for Financial, Legal & Tax, Inc. for any help or advice.