Rumors have been swirling about the upcoming Tax Cuts and Jobs Act legislation. We’ve seen the house and the senate proposals. What’s left? The two sides of the legislature have to come to an agreement on the bill in order to present it to the president. The following is an update on how things are going. It looks like some big changes will be coming. Check back with us at rbce to read about the updates.
From the National Association of Tax Professionals –
Senate and House Republicans have struck an “agreement in principle” on the Tax Cuts and Jobs Act. Details on the agreement have not been officially released to the public. However, rumors include a decrease to some individual tax brackets, a slight increase in corporate rates from what was originally proposed, and a repeal of the ACA individual mandate penalty. Senate leaders say they have the votes to pass the legislation next week.