On October 25, President Trump tweeted, “This will be the biggest TAX CUT in the history of our country – and we need it! #TaxReform.” Since the beginning of his campaign, President Trump has called for a significant rewrite to the United States’ tax code, which hasn’t happened since the Reagan administration.
Just one week after it was revealed on November 9, the House of Representatives passed their version of a tax reform bill with 227 Republican votes. This version of the bill includes tax cuts for corporations and small businesses, eliminates the estate tax, simplifies and collapses tax brackets from seven to four, and eliminates many deductions, including those for student loan interest. All of these changes amount to a $1.4 trillion deficit. A Senate panel has also approved a version of the bill, paving the way for a full Senate consideration after Thanksgiving. A main difference between the two includes a provision in the Senate’s version that eliminates the legal requirement that almost all Americans buy health insurance or pay a penalty.
Join the City Club for a panel discussion as we deconstruct the House bill, consider what is in the Senate bill, and identify how these changes can impact our community.