Tax Reform: House & Senate Proposals

This week the Senate will begin to deliberate upon their version of the Tax Cuts and Jobs Act. The House of Representatives has previously agreed upon their version of this tax reform act. When a consensus is reached in the Senate, both houses must reconcile their respective bills before sending it to the President for signature. As you may have heard, there are many differences between the two proposed bills. The charts below were created by Plancorp to highlight the current differences between the House and Senate’s version of this legislation. Please keep in mind that this is not an all-inclusive list and that the Senate version could very well be subject to further changes before the final vote.

Source: Plancorp LLC

Source: Plancorp, LLC

Source: Plancorp, LLC

While most experts expect a major tax law to be enacted this year, it’s by no means a sure bet. So keep a close eye on the news and don’t swing into action until the ink is dry on the President’s signature of the tax reform bill.