Comparing Congressional tax reform plans
- The Congressional Joint Committee on Taxation estimates the tax plans would result in a tax cut for the average taxpayer in all income brackets in 2019.
- Some of the proposed credits sunset, however, resulting in a projected tax increase for some taxpayers in future years.
- The combined tax changes passed by the House on November 16th and proposed by the Senate are projected to result in job increases and higher after-tax income for Washington State citizens.
- Successful federal tax reform policy will be one that is permanent, meaningful, and provide tax relief across all income brackets.
Congress is currently debating the first major tax reform since the landmark 1986 tax cuts enacted under President Ronald Reagan. The House approved its tax plan on November 16th. The Senate is currently debating its proposal. This is a historic opportunity for real and meaningful tax relief to help working families and business owners in Washington state and across the country. This Policy Note provides a high-level comparison of the House and Senate tax plans currently proposed in Congress (as of November 21, 2017).