The much awaited Tax Cuts and Jobs Act – the most serious effort to reform the US Tax Code since 1986 – was released November 2 by House Republicans.
While the proposed legislation is a big step forward, Congress has much work to do to pass a bill by its proclaimed end-of-year target. On the other side of the Capitol, the Senate does not plan merely to rubber-stamp the House proposal. In fact, Senate Republicans intend to release their own plan next week and begin a markup during the week of November 13. With that, the content of a final bill remains uncertain at best; though, Republican lawmakers view tax reform as a must-win before next year's midterm elections.
In this alert, we highlight key aspects of the proposed legislation.
