Tax Bill should be signed into law by Christmas

[dan_s]

House and Senate Reach Tax Reform Compromise

On December 13, 2017, House and Senate Republicans reached a compromise on tax reform legislation, the "Tax Cuts and Jobs Act." The compromise bill reportedly includes agreements on corporate and individual tax rates, the treatment of pass-through income, the estate tax, and itemized deductions such as those for mortgage interest and state and local taxes, among other areas. The text of the bill is expected to be released on Friday, with votes in the full House and Senate next week.

This bill will have no impact on your 2017 tax return.

The lower corporate rate is a BIG DEAL for the country. It should bring a lot of money and jobs back to the U.S. It will really help the balance sheets of some of the companies we follow because they have big deferred tax liabilities at much higher rates. It will be interesting to see how the adjustments are made in Q4 reports.

There are $Trillions stashed overseas because of the high U.S. tax rates on corporations.