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One of the more painful revisions of the Internal Revenue Code arising from the Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, was the repeal of the long-standing itemized deduction for interest paid on home equity indebtedness of $100,000 or less. To qualify for the tax deduction, the indebtedness had to be […]
Determining if tax legislation is effective and accomplishing the goals of Congress in pushing the bill forward is not always easy to discern. Moreover, the longer-term effects on the economy of any specific tax bill requires that longer term for proper assessment. Interestingly, this particular bill, the Tax Cuts and Jobs Act, seems to be […]
After a grueling legislative process, the House and Senate passed the tax measure into law earlier this week and it has now been officially signed by President Trump. For more information, read our latest Tax Alert which covers the details of the plan. If you have questions or comments, please contact Bob Grossman or Don […]
Congressional Republicans have successfully moved their $1.5 trillion Tax Reform legislation package through the reconciliation process, and it is on its way to the Oval Office. All that will remain is a signature by the President to reach his well-publicized goal of completing the legislation by the Christmas holiday. Unlike the last major tax reform […]
In a late Friday night vote (actually, early Saturday morning, December 2) the U.S. Senate voted to approve the Senate Finance Committee’s modified version of the 2017 tax reform package, the Tax Cuts and Jobs Act (H.R.1). The bill passed with a two-vote margin, wholly along party lines reflecting the Republican majority currently in the […]
On November 16, 2017, the House of Representatives approved its tax reform package, the Tax Cuts and Jobs Act that had been released out of the House Ways and Means Committee on November 2. Thirteen House Republicans voted against the bill, mostly from states with high income tax rates. No Democrat voted for the bill. […]
The House Ways and Means Committee advanced to the full House the proposed Tax Cuts and Jobs Act on November 9, 2017. The committee approved, along party lines, as was expected, a number of amendments to the original bill released on November 2. (for more details, see link to post below) The House is expecting […]
On November 9, after four days of mark-ups to the original House bill, which was released on November 2, the House Ways and Means Committee approved the GOP’s amended “Tax Cuts and Jobs Act” (HR 1) by a 24-to-16 party-line vote. The proposed tax bill now moves to the House Rules Committee and then the […]
