Close
Close

Tax Reform 2.0 formally underway

RFP
Tax Hot Topics newsletterThe House Ways and Means has approved legislation for “Tax Reform 2.0,” sending the measure to the floor for a full vote. The package, a Republican-led follow up to the Tax Cuts and Jobs Act (TCJA), contains three bills which permanently extend several of the TCJA’s individual tax provisions, make reforms to promote general and retirement savings, and create incentives to spur innovation and startup growth.

The timing of the effort is no coincidence. With midterm elections less than two months away, Republicans appear hopeful this last-ditch endeavor to further reform the tax code will bolster their closing bid to voters while putting Democrats in the potentially uncomfortable position of voting against taxpayers. However, chances of major tax legislation being enacted in this Congress are slim. There doesn’t appear to be consensus for the legislation as a whole even among Republicans, and three bills combine to add more than $657 billion to the deficit over the next decade.

For more details, read our Tax Legislative Update.

Contacts
Dustin Stamper
Managing Director, Washington National Tax Office
T +1 202 861 4144

Omair Taher
Senior Associate, Washington National Tax Office
T +1 202 861 4143

Tax professional standards statement
This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.