The New Tax Reform Plan: What Changes May Affect You?

The New Tax Reform Plan: What Changes May Affect You?

"I think they can get it done. It's not a tax reform act, it's a tax cut act. I think that any politician that can't pass a tax cut probably is in the wrong line of business."  -- Warren Buffett, Oct. 3, 2017

The Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance released a nine page document last week outlining the new tax plan, aptly called The United Framework for Fixing Our Broken Tax Code. While short on specifics, the plan outlines four goals aimed at simplifying the tax code, cutting taxes, leveling the playing field for American businesses, and bringing back overseas business income. Here's a summary of the major changes that may affect how much tax you pay.

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Source: Fool.com