On November 9, the Senate released its description of The Tax Cuts and Jobs Act. Like the House version that was released earlier, this bill proposes sweeping changes to the Internal Revenue Code that would dramatically impact individuals and corporations. The proponents of this bill indicate that it simplifies the tax code, cuts taxes for the "middle class," and brings our corporate tax structure in line with the rest of the modern world, thereby eliminating the incentive to keep company profits overseas. While there are many similarities between the House and Senate versions, there are some key differences as well.
- The Senate has released its proposed tax plan, which is similar to the House version in some ways and different in others.
- We will continue to monitor both the Senate and House versions and will weigh the implications of any legislative progress toward the goals put forth in the frameworks.
- These versions are just a first step in a long journey to final legislation. Many changes are expected before an approved bill is sent to the president.