Tax Reform Update

Not only have House Republicans revised their new tax bill since I did my libertarian analysis of it, Senate Republicans have released their own. The House Ways and Means Committee passed their amended version of the bill by a party-line vote of 24-16. The adoption credit was restored and a lower rate for small businesses earning less than $75,000 a year was announced. You can read about the changes here and here. The Senate bill has some major differences from the House bill. The main differences are seven tax brackets instead of four, the deduction is retained, the estate tax is retained, and the home mortgage interest deduction is retained. See a (non-libertarian) analysis of the bill here. See the major differences here. The House bill is supposed to be voted on by the full House next week. After the House and Senate bills are reconciled in a conference committee, I hope to provide a libertarian analysis of the final version that will be sent to President Trump.


3:25 pm on November 11, 2017