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NASE Continues to Voice Strong Desire for Simplified Tax Code
As SelfInformed goes to print, the Senate is busy debating the tax reform legislation with the House previously approving their sweeping tax reform legislation. The NASE continues to advocate for a simplified tax code that promotes parity amongst all businesses, regardless of size.
If all goes as expected, the Senate and House will have a conference committee sort out the differences between the two bills, before both chambers once again approve the measure before sending it to the President for his signature. As you can see from the graphic, there are significant differences that need to be resolved between the House and Senate versions.
NASE looks forward to productive conversations with the Senate and House conferees as to how to best move forward comprehensive tax reform that is simplified and equitable for the nearly 27 million self-employed.
Katie Vlietstra is NASE’s Vice President for Government Relations and Public Affairs; You can contact her at kvlietstra@nase.org.
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Provision
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House
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Senate
|
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Changes 401(k) plan rules
|
N
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N
|
|
Curbs mortgage interest deduction
|
Y
|
N
|
|
Cuts corporate tax rates
|
Y
|
Y
|
|
Drops state and local deductions
|
Y
|
Y
|
|
Fewer individual brackets
|
Y
|
N
|
|
Increases child tax credit
|
Y
|
Y
|
|
Keeps charitable donation deductions
|
Y
|
Y
|
|
Lowers the “pass through” rate
|
Y
|
N
|
|
Maintains medical expenses deduction
|
N
|
Y
|
|
Raises standard deduction
|
Y
|
Y
|
|
Repeals estate tax
|
Y
|
N
|
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Repeals the Alternative Minimum Tax
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Y
|
Y
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