The House and Senate versions of the “Tax Cuts and Jobs Act” differ on some key issues regarding individual taxation. The House bill would reduce the number of tax brackets for individuals from seven to four, but the Senate bill would retain the seven-rate structure (albeit with different rates than under current law). The Senate bill would sunset the individual reforms: Most provisions affecting individual taxation would expire after December 31, 2025. The House bill does not contain such a provision.
The proposals on these issues are some of the faster-moving areas of the tax reform debate, so stay informed by following our news feed below.
Hear Stephen Moore discuss individual tax reform at our February 7th Tax Outlook event.
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