TAG Tax

President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline, or framework, of what the tax package may contain. And while this offers a glimpse of what might happen, as we learned with the TCJA there will be many changes along the way before passing final legislation.

Proposed Framework

One of the main themes of the proposed legislation is to make permanent certain provisions in the TCJA, including:

• Federal income tax rate cuts for individual taxpayers,
• The doubled child tax credit, and
• The deduction for up to 20% of qualified business income (QBI) from pass-through entities (sole proprietorships, partnerships, LLCs and S corporations).

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