GOP Committee Chair Floats Changes To Taxes

Taxes
An important Congressman has plans to change taxes.

The top tax person in the House of Representatives wants to revamp taxes, just a year after a major rewrite made its way through Congress.

Kevin Brady, the Republican Chairman of the House Ways and Means Committee, unveiled his proposal last week. Prospects for the proposal, though, aren’t clear. Brady won’t be the top person in the House when it comes to taxes for long. He will relinquish his seat in January, when Democrats take control of the chamber.

According to Reuters:

The legislation’s outlook was not immediately clear, with Congress likely to be busy in the “lame duck” session with a must-pass spending measure and Trump’s renewed demands for money to build a proposed wall along the U.S.-Mexico border.

The 297-page text of the bill covers tax breaks for fuel cell cars, energy efficient homes, race horses, mine safety equipment, auto race tracks and many other items, as well as retirement savings plans such as 401(k)s and individual retirement accounts (IRAs).

The bill also “includes some time-sensitive technical corrections” to the 2017 bill that Trump signed into law, Brady said in the statement.

Whatever happens with Brady’s proposal, Sterling Accounting can help meet your needs.

As we point out on our website, “Whether you need a simple 1040EZ tax filing or a 1040, we can handle it all for you. We provide innovative solutions for tax issues to minimize your tax liability, we find deductions commonly overlooked, and we stay up-to-date and well informed on all tax laws and legislation. It’s good to also remember that tax season comes around once every year, so good planning throughout the year is important to mitigating your tax exposure, allowing you to keep ore of what you earn! It’s a delicate balance that exists between optimizing your after-tax income and minimizing your pre-tax dollars. We offer advice on both short-term and long-term tax strategies, initiatives and investments. Our tax service is designed exclusively to help you maximize your earning power!”

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