The House and Senate have now each passed different versions of Tax Cuts and Jobs Act.
Both bills are big improvement to America’s out-of-date tax code and could boost the economy by almost 3 percent, leading to more jobs and higher wages for working Americans.
Both bills cut taxes for individuals and businesses, largely repeal the state and local tax deduction, and allow businesses to invest more in the American economy through temporary expensing.
The bills now head to a conference committee where a unified bill will be crafted. Here are some of the major differences you need to know about:
http://www.heritage.org/taxes/commentary/1-chart-the-differences-between-the-house-and-senate-tax-reform-bills-0
Both bills are big improvement to America’s out-of-date tax code and could boost the economy by almost 3 percent, leading to more jobs and higher wages for working Americans.
Both bills cut taxes for individuals and businesses, largely repeal the state and local tax deduction, and allow businesses to invest more in the American economy through temporary expensing.
The bills now head to a conference committee where a unified bill will be crafted. Here are some of the major differences you need to know about:
http://www.heritage.org/taxes/commentary/1-chart-the-differences-between-the-house-and-senate-tax-reform-bills-0
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