Senate Passes Tax Reform Bill
Early morning, December 2, 2017, the Senate passed its version of tax reform legislation after key compromises were made to the Tax Cuts and Jobs Act H.R. 1 which affects all taxpayers. The Senators worked into the midnight hours to gain the needed votes for passage and win support from those who had concerns about adding to the federal deficit. Similar to the House reform bill, passed in November (see our e-newsletter), the goal of this 479-page Tax Act is to stimulate the economy and create job growth. The Trump Administration has stated that these measures would provide massive tax cuts that benefit all taxpayers. However, as is the case in all tax legislation, there will be winners and losers.