Current Federal Tax Developments for the week of October 2, 2017 - Framing Tax Reform. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.
This week we look at the framework for comprehensive tax reform that was issued by the “Big 6” and is scheduled to be taken up by Congress. We discuss the proposal’s framework for changes in:
- Standard deduction and personal exemptions
- Individual tax brackets
- Alternative minimum tax repeal
- Itemized deductions
- Work, education and retirement issues
- Estate and GST Tax repeal
- Business tax rates
- Expensing of capital improvements
- Interest expense
- Other business deductions and credits
- Offshore corporate earnings
- Where does this go from here?
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Below is the article describing in more detail the framework.