Tax Reform Watch: Signs of Light at the End of the Tunnel?
Contact: Tracy Monroe
It was awesome to speak on tax planning for individuals and businesses at the Ohio Society of CPA’s Cleveland Accounting Show this week. Like just about everyone, the group is anxiously awaiting the release of a detailed tax reform plan. There have been a number of recent signs that we should see one very soon.
As discussed in our September 29th blog, the Republican-led House Ways & Means Committee, Senate Finance Committee and President released the Unified Framework for Fixing our Broken Tax Code (Unified Framework). The Unified Framework is consistent with the prior vision outlined by the President and his advisors, and the GOP “A Better Way” blueprint — except this new proposal gives more details.
In other developments, earlier this week the House Democrats released their own framework for tax reform: “Real Reform for Real People.” Much like the Unified Framework, the principles in the Democratic plan are not aligned with specific numbers but instead focused on general goals. House Democrats want to strengthen the Earned Income Credit, Child Tax Credit, American Opportunity Tax Credit and Child Care Tax Credit. The proposal also includes a new tax credit for employers to train and hire new workers through apprenticeship programs and partnerships with community colleges and technical schools. This comes as the Republicans announce the tax reform bill will be released on November 1.
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