Tax Reform 2.0 Approved by House Ways and Means Committee
The House Ways and Means Committee approved the Tax Reform 2.0 package consisting of three bills. This overhaul package would make permanent the TCJA’s reduced rates for individuals along with several other provisions, including the $10,000 cap on the state and local tax (SALT) deduction, and the 20% deduction on certain pass-through business income. A proposed amendment to repeal the SALT deduction cap was defeated in committee. The full House of Representatives may consider the bills now, with a vote planned this month.
Read the Overhaul Package: H.R. 6760; H.R. 6757; H.R. 6756
Read more: House Committee Oks 2nd Tax Overhaul, Keeps SALT Cap