11 December 2017

H.R. 1 In A Nutshell

A 51 page summary from the Joint Committee On Taxation summarizes the most significant provisions of the House and Senate Amendment versions of H.R. 1 which a Conference Committee will begin to discuss on Wednesday in the hope of producing a final report by the end of this week and enactment into law before Christmas.

A 34 page paper by a team of 13 tax professions explains 32 major loopholes in H.R. 1. This suggests that its revenue costs will be far greater than anticipated by the Congressional Budget Office.

The Wall Street Journal rails against the restoration of the Alternative Minimum Tax in the Senate Amendment.

A tax professor writing an Op-Ed in the New York Times calls the tax breaks for passthrough tax entities the "Single Worst Proposal Every Made In The History Of The Income Tax."

The Senate Amendment creates marginal tax rates of 85% to more than 100% for some people.

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