Today TaxMama® wants to talk to you about the latest tax proposal from the House of Representatives.
It’s a doozey!
Dear Friends and Family,
Last week, the House released their sweeping tax reform bill to public view. There’s a lot of excited or panicked chatter about this. Let me gives you a few pertinent facts.
And perhaps a few impertinent comments, too.
1) This is not law. It is a proposed (429 page) bill that the House of Representatives must discuss, dissect and vote on – probably in the next two weeks.
2) Once they have passed their version of the law, it will go to the Senate. In the meantime, the Senate is developing their own version of a sweeping tax bill. So, since there will be differences, the law still cannot pass.
3) It will go to the Joint Committee on Taxation – which is composed of members of the House and Senate. They will hash out their differences and produce a final version of the new, sweeping tax law.
All of this, if they work rapidly, might get accomplished before Christmas. After all, there is pressure on the Legislature to pass a bill this year.
Whether they do or not, here’s something to help you relax and enjoy your holidays. Whatever they do will have very little negative impact on you for 2017.
Practically everything in the proposed bill will take effect for the 2018 tax year. There might be a few provisions that extend some tax breaks to 2017 that ended on 12/31/2016.
So take a deep breath. Don’t panic. It’s OK for now.
You will find a summary of the proposal on this page – http://taxmama.com/?p=14408 . Please look it over to see how this might affect you. Why, since I just told you to relax? Because you have time to contact your representatives in the House and Senate to let them know about provisions that really make you angry. YOU have time to improve the final version of the law – that we do know is coming.
The following link will help you reach all the right people. Talk to STAFF – they have more power than you can imagine.
One last thing, once the law does pass, my publishers have asked me to put together a detailed explanation for you. We will be releasing that book first thing next year.
To make comments and toss in your own ideas, please drop into the TaxQuips Forum.
And remember, you can find answers to all kinds of questions about tax legislation and other tax and business issues, free. Where? Where else? At www.TaxMama.com.