The House Ways and Means Committee is planning a “Phase II” tax plan directed at individuals and families to complement the Tax Cuts and Jobs Act. The tax act passed in December only made the C Corp tax cuts permanent, not the individual and flow through tax cuts.
The House is going to attempt to make permanent the individual cuts. If there is a need to get democratic support in the senate, there could be movement on the loss of the SALT deduction. The discussion is certainly not dead by any means.
Categories: Tax, Tax Planning & Compliance