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Today, the House Ways and Means Committee released the statutory language and detailed explanation of its long-awaited, 429-page tax reform bill, the Tax Cuts and Jobs Act. This bill is the culmination of more than a year of anticipation and speculation about competing plans, from the 2016 House Blueprint, to candidate Trump’s plan, to President Trump’s April one-pager and most recently to the September Framework proposal. Alvarez & Marsal, Taxand USA, provides an insight.
Throughout the tax reform process, taxpayers have been confused and frustrated by the lack of details as to any of the proposed changes, and it is important to keep in mind that today’s release is only the beginning of the legislative process (discussed in more detail below). Nonetheless, this Ways and Means Committee release provides our first window into that place where the devil reportedly resides (i.e., in the details). The details will allow taxpayers to assess how the proposed legislation (if enacted) would really affect them. There will be a great deal to digest over the coming days, but for now, we touch on some of the high points of the major elements of the Ways and Means proposal.
Discover more: Special alert: A blueprint becomes a framework becomes a bill
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Given the narrow margins by which the necessary budgets passed in the House and the Senate, we expect a contentious battle within the GOP. Only when we have the conference committee agreement will we know precisely what will be sent to the President for his signature. In any event, over the coming days, we will take a closer look at today’s bill, what questions remain and how various industries will be affected.