November 3, 2017: Yesterday House Republicans released details of the “Tax Cuts and Jobs Act” (link: Tax Bill).  The plan calls for steep tax cuts in business tax rates, an eventual repeal of the estate tax, a reduction in the number of individual income tax brackets, elimination of the Alternative Minimum Tax, significant changes to itemized deductions and the standard deduction, as well as a host of other changes that have both positive and negative impacts to middle and high-income taxpayers.

The Tax Policy Center, a nonpartisan think tank based in Washington D.C., cites five big take-aways:

  1. It is a tax cut, not tax reform.
  2. It is not the biggest income tax cut in history – not even close.
  3. For households, it will almost surely create winners and losers. Many middle-income households are likely to pay more under this plan, not less.
  4. It is not tax simplification. Indeed, for many taxpayers the House bill would make filing more complicated
  5. At the end of 10 years, it likely would end up increasing the deficit by far more than the advertised $1.5 trillion (TPC estimates $2.4 trillion and it will not lead to a 3 percent permanent economic growth).

Click Here to Read Synopsis on Proposed Tax Bill