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Industry reacts to passage of House tax bill

19 November 2017, 02:52 | Melanie Burgess

Collins leads increased NY GOP support for tax bill

Podcast: Tax reform and the Constitution

On November 2, 2017, we alerted taxpayers that the House Ways and Means Committee had unveiled its much anticipated tax reform bill titled the "Tax Cuts and Jobs Act" (the "House Plan"). While the upper chamber's bill still needs to win approval in the full Senate, with no guarantee that it will pass, it's worth reviewing the key elements that could prove to be problematic, as well as those elements that are likely to survive in any tax bill that makes its way to President Trump's desk. The following provisions may be of particular interest to your clients. The bill would also lower the corporate tax rate, which is now the highest in the industrialized world.

Standard deduction: The bill essentially doubles the standard deduction from $6,350 to $12,200 for single filers and from $12,700 to $24,400 for joint filers.

The Senate Plan is moving very quickly and is expected to proceed on a schedule roughly one week behind that of the House Plan. With this bill, a typical middle-income family of four earning $59,000 (the median household income) will receive a $1,182 tax cut.

Mortgage interest deduction: The House bill caps this deduction at $500,000, while the Senate leaves it at $1,000,000. That compares with an October Treasury department estimate of expenditures of $75 billion over the same period, based upon tax law enacted 1 July 2017.

Podcast: Tax reform and the Constitution
College athletic programs could lose millions to House's tax bill

Repeals the Alternative Minimum Tax so millions of individuals and families will no longer have to worry about calculating their taxes twice each year and paying the higher amount. I am only looking out for the people of Western New York and the Finger Lakes, and their wallets. However, the credit would have a short shelf life and would expire after five years. He says the House's retroactive rule runs counter to that.

Lowers the corporate tax rate to 20% - down from 35%, which today is the highest in the industrialized world - the largest reduction in the USA corporate tax rate in our nation's history.

Vaughan says the economic damage caused by the House tax bill to the wind industry will be felt severely in South Dakota, Iowa, Nebraska and Minnesota. At the same time, the legislation keeps the top income tax rate at 39.6 percent for the richest one percent of America. For illiquid assets, like equipment or property, the tax rate would be 5 percent.

Repeal of the estate tax: Both versions double the exemption, but only the House calls for eliminating it entirely after 2023. Keep your clients informed about any significant developments.

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