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Archive for the House Ways and Means Committee Category

House Approves Five Tax Bills

The House approved five tax bills on July 24. The tax bills cover areas related to health care, IRS administration, and water infrastructure. The following measures were approved: Protect Medical Innovation Bill of 2018 ( HR 184): this bill would amend the tax code to repeal the…

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Brady Unveils Tax Reform 2.0 Framework

The House’s top tax writer has unveiled Republicans’ “Tax Reform 2.0” framework. The framework outlines three key focus areas: making permanent the individual and small business tax cuts enacted under the Tax Cuts and Jobs Act (TCJA); promoting family savings by streamlining retirement savings accounts and creating…

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Neal Asks Treasury, IRS for Pass-through Deduction Guidance

House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new pass-through deduction. In a May 1 letter, Neal asked Treasury Secretary Steven Mnuchin. and Acting IRS Commissioner David Kautter, for clarifying guidance on…

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Brady Talks “Phase Two” of Tax Reform

President Donald Trump and the House’s top tax writer think Congress and the president should work to make the tax code better every year. House Ways and Means Committee Chairman Kevin Brady, R-Tex., said in an interview that he and the president share this goal and are…

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Ways and Means Approves Bipartisan IRS Reform Package

The House Ways and Means Committee, in an April 11 markup, approved a bipartisan package of nine bills to restructure the IRS for the first time in 20 years. The IRS reform package was approved in committee by a voice vote and is reportedly expected to reach…

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TAX CUTS AND JOBS ACT (H.R. 1) – Businesses, Tax-Exempt Orgs & International

BUSINESSES Corporate Taxes H.R. 1 calls for a 21-percent corporate tax rate beginning in 2018. The new law makes the new rate permanent. The maximum corporate tax rate currently tops out at 35 percent. Although the current 2017 maximum corporate tax rate is 35 percent, many corporations…

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TAX CUTS AND JOBS ACT (H.R. 1) – Individuals

The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the…

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Small Business Owners’ Tax Simplification Act of 2017 (HR 3717)

IN THE HOUSE OF REPRESENTATIVES September 8, 2017 Mr. Chabot (for himself and Ms. Velázquez) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to simplify income tax compliance for small businesses,…

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White House GOP Leaders Predict Tax Reform Bill in Fall

Administration officials and senior GOP leaders in Congress have predicted that tax reform legislation will be drafted this Fall and come to the floors of both the House and Senate for a vote before year-end. The officials and lawmakers outlined broad principles for individual and business tax…

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“Stars Have Aligned” for Tax Reform in 2017, Way and Means Chief Tax Counsel Says

Congressional taxwriting committees’ senior staff and the Joint Committee on Taxation’s (JCT) chief of staff provided a legislative update at the Federal Bar Association’s (FBA) 41st annual tax conference in Washington, D.C. on March 3. The congressional staff previewed their inside perspectives on tax reform and Patient…

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