Last week was a busy week at Tax Reform And Transition. House Republicans released text of a tax reform bill on Thursday (view the full bill through our Tax Bill Navigator), followed by an official Chairman’s Mark on Friday. Late Friday night, the Joint Committee on Taxation released an official summary of the Chairman’s Mark, together with their assessment of the revenue effects and distributional effects of the Chairman’s Mark.
You can read our grid summarizing the key provisions of the bill here. Here’s a round up of the tax reform topics covered in our more detailed posts so far:
- Corporate tax, including limits on interest deductions
- Taxation of Pass-through Income
- Deemed Repatriation
- Minimum Tax on High-Profit Foreign Subsidiaries
- 20% Excise Tax on Payments to Non-U.S. Affiliates
- Taxation of Executive Compensation
- Employee Benefits Provisions
- Real Estate-Related Provisions
The Chairman’s Mark is scheduled for markup in the House Ways and Means Committee today. House Ways and Means Committee Chairman Kevin Brady (R-TX) has said to expect the committee to spend Tuesday and Wednesday in markup as well, with a committee vote tentatively planned for Thursday. This timeline is consistent with House Leadership’s stated goal of voting on the tax bill on the floor of the House before lawmakers leave Washington for the Thanksgiving Recess on November 17th. The Senate is expected to release its own tax bill on Wednesday (November 8th).