Tax Reform 2.0 Outline Released with Three Main Themes
House Ways and Means Committee Chairman Kevin Brady recently released an outline of the planned tax reform 2.0 legislation. The tax package will focus on making the individual and small business tax cuts permanent; promoting family savings through retirement and section 529 education savings programs; and encouraging the creation and development of new businesses. The legislation will take the form of three individual bills based on each of the three topics. The outline itself contains few details and no cost estimates, and also does not contain technical corrections related to the Tax Cuts and Jobs Act, which House Ways and Means Committee Chair Kevin Brady indicated will be addressed separately in November. Brady also stated that a markup of the tax reform 2.0 proposal will be released in September.
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