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.
Provision
House
Senate
Changes 401(k) plan rules
N
Curbs mortgage interest deduction
Y
Cuts corporate tax rates
Drops state and local deductions
Fewer individual brackets
Increases child tax credit
Keeps charitable donation deductions
Lowers the “pass through” rate
Maintains medical expenses deduction
Raises standard deduction
Repeals estate tax
Repeals the Alternative Minimum Tax
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NASE.org is the official website of the National Association for the Self-Employed.
Courtesy of NASE.org https://www.nase.org/about-us/media-relations/nase-in-the-news/2017/12/22/nase-continues-to-voice-strong-desire-for-simplified-tax-code