So, what does the Senate version of this bill (HR-1) do? By and large, the Senate bill matches HR-1. But, there are some significant differences. It’s not clear which house will prevail in their interpretation of the various changes (or that the Senate version passes at all). But, again, tax planning is critical- we need to know what may happen. We need to discern what changes this Senate version- if it passes- will have in conference, when the House and Senate work out the differences in their versions.
Let’s reiterate what I said yesterday– I don’t expect this bill to pass. Certainly not the way it was presented in the bill. These posts were written on 2 November- when the bill was published. Since then, the House has proposed changes to its own bill. And, 1 week later, the Senate published a slightly different version- which means that I will be adding to this series to contrast the differences between the two bills. (This series that was 5 blogs will now be 7.)
Tax Reform is all the rage. And, now that the fairy-tale land of budget reconciliation has terminated (it ended on 30 September, where items could pass with a simple majority- which means the Vice President could break any ties), our Congress will now get all hyped about lowering the tax burden (I fear they will offer the rich a tax break, the poor more taxes, the middle class empty promises, and Christmas gifts for big business. We’ll have to see what they really propose.)
I know you said it. These tax forms are a pain in the …. You probably even said worse.
You complain how difficult it is to figure out how to pay your taxes. Why there are so many forms. Why it takes so long to complete the forms. Or, perhaps you bring your stuff to someone like me to insure they are properly computed- one who enables you to pay the lowest amount of taxes required by law.