With the affirmative vote in the House today, both Houses of Congress have now passed a final version of the Tax Cuts and Jobs Act, clearing the legislation for President Trump’s signature. President Trump is widely expected to sign the legislation into law, although White House officials have now raised the prospect that the Act may not be signed until January. This significant legislation will impact nearly every sector of the U.S. economy and U.S. individual taxpayers in all income brackets.
For reference purposes, please see the attached chart, which compares the competing tax proposals of the House and Senate with the final form of the Tax Cuts and Jobs Act, as cleared by Congress today.