What does the introduction of the new House and Senate tax bills mean for high-net-worth taxpayers?

  • These charts review the Tax Cuts and Jobs Act as passed out of committee on November 9, 2017 by the Committee on Ways and Means of the U.S. House of Representatives (the House Tax Bill) and the Tax Cuts and Jobs Act introduced by the Senate Committee on Finance on November 9, 2017 (the Senate Tax Bill).
  • Comparing the House and Senate Tax Bills to current law, the charts focus on tax reform proposals most relevant to high income and high-net-worth taxpayers and businesses.
  • The summaries in these charts must be considered against the background of a fluid and changing situation. 
  • Breaking News: Since these charts were posted, the full House passed the House Tax Bill on November 16, 2017. The Senate Committee on Finance passed the Senate Tax Bill on November 16, 2017 and sent it to the Senate for consideration after Thanksgiving.

Congress has begun the work of tax reform in earnest. The House Ways and Means Committee has passed the House Tax Bill, and the House is expected to vote on the bill the week of November 13. The Senate Finance Committee has released the text of the Senate Tax Bill and will begin a markup of the bill on November 13. Together these two bills, which contain some significant differences, form the basis for Congressional consideration of tax reform.

 

Please see important disclosures at the end of the article.

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