What a week. Last Thursday, the House released its vision for tax reform, launching a flurry of analysis by the tax geeks, hand-wringing by the middle class, and defensive measures by the GOP.
Then, late last night, just as the House Ways and Means Committee culminated a four-day mark-up of HR 1 by voting to advance the bill along party lines, the Senate decided it was time to get in the mix by releasing its plan to revise the tax law.
There’s a lot to take in, clearly. It was hard enough to fully grasp how current law compared to the House bill, but now we’ve got to layer on the Senate proposal, which varies from both current policy and the House proposal in several significant ways.
What follows is a summary of the opening week of “tax reform season,’ with an item-by-item comparison of current law, the updated House proposal, and the newly-published Senate bill.
Let’s get to it…
Authored by Tony Nitti, Withum Partner and writer for Forbes.com.