SPECIAL REPORT: The Proposed Tax Reform.
By Reason Financial – December 2017
Tax Reform is a monumental task. With competing interests, opportunity costs, and partisan politics, it is nearly impossible. While a cohesive tax bill has not yet reached President Trump’s desk, we are analyzing the House and Senate versions of the tax bill as they are currently written to predict the overall effects of the reform.
We want to help make sense out of the noise and we are doing our best to give you the information necessary to remain informed. Remember, as Schoolhouse Rock so musically and succinctly taught us in 1976, it is a long way from a Bill to a Law. The bill has passed both Houses of Congress and is now in Conference Committee. To provide context for where we are with reform at this point we are providing a link to what we believe are two credible resources on tax reform.
The first piece by the New York Times does a great job analyzing the data on the impact of the tax bill across 25,000 sample households. The most relevant information is based on what will happen over the next ten years. How expiring provisions will impact the tax code ten years down the line is something we can talk about, but is far enough away to be more speculation than actual analysis.
The second piece by the National Review compares the House and Senate plans. There are clear differences between them and it is important to be aware of what they are as the bill heads in to the reconciliation process.
We will continue to do our best to help make sense of the tax reform as it continues through the process. We believe it is important to be informed while we take a wait-and-see approach to the first major tax reform in our country in 31 years.
The New York Times
“What the Tax Bill Would Look Like for 25,000 Middle-Class Families”, by Quoctrung Bui and Ben Casselman
“House and Senate Tax Plans: A Comparison”, by Jibran Khan