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US Tax Reform

Ways & Means Chair releases Phase 2 tax reform discussion draft

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

On July 24, House Ways and Means Committee Chairman Kevin Brady (R-TX) released a “listening session framework” outlining some of the main themes of the proposed “Tax Reform 2.0,” the second phase of tax reform legislation meant to follow the enactment of the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, 12/22/2017). The framework focused on three main themes:

(1) Making the individual and small business tax cuts in the TCJA permanent;

(2) Retirement saving provisions that would include a new Universal Savings Account (i.e., USA accounts) offering more flexibility on saving, expanded Code Sec. 529 education accounts under which savings could be used to pay for apprenticeship fees to learn a trade, cover the cost of home schooling, and help pay off student debt, and a provision allowing families to access their retirement accounts penalty-free for a birth or adoption; and

(3) A provision that would help new businesses write off more of their initial start-up costs.

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