One of the top tax writers in the House of Representatives has now confirmed that the Trump administration is working alongside them to create tax reform phase two. House Ways and Means Committee Chairman, Kevin Brady, R. Tex, spoke about his thoughts for tax reform phase two with expert and CEO of Engineered Tax Services, Julio Gonzalez, in a meeting just a week ago in West Palm Beach, Florida.
According to a Ways and Means spokesperson and Wolters Kluwer, there are opportunities to make individual tax cuts permanent, increase innovation, and encourage household savings. That's because House tax writers are considering adding more tax changes to tax reform phase two. This comes just after President Trump announced that phase two of tax reform is on its way.
POTENTIAL CHANGES FOR TAX REFORM PHASE TWO
Individual Tax Cut Changes
Temporary individual tax cuts created under the Tax Cuts and Jobs Act (TCJA) may be made permanent with phase two of tax reform. That’s according to a report from Wolters Kluwer. The individual benefits and tax rates were not made permanent under the new law for budgetary reasons. According to Chairman Brady, the tax cuts for families were long-term, but are not yet permanent. “We’re going to address issues like that,” Chairman Brady said.
Phase Two Looking Forward
According to House spokespeople, the House is always looking to improve the tax code. That's because improving this with valuable information will improve our nation. “As a CEO in the tax industry, I see amazing momentum when it comes to the economy and taxes,” said Mr. Gonzalez. Brady has stated that lawmakers have some new, innovative ideas. These ideas will combine additional tax reform measures with technical corrections to the existing TCJA. This means that any significant changes will be new ideas.
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