Bloomberg BNA opened a window onto next year’s tax planning landscape with the release of its 2018 Projected Tax Rates, a detailed and comprehensive projection of inflation-adjusted tax items based on changes in the consumer price index (CPI), which were released today by the U.S. Bureau of Labor Statistics. The projections provide early notice of the amount of tax savings that will be realized by taxpayers as a result of increases to standard deduction amounts, upward adjustments to tax brackets, and increases in hundreds of other key thresholds.
As Texas faces a long recovery from Harvey, IRS, like a good neighbor, is there to help.
It’s seven months into President Trump’s term and talk of tax reform is heating up again. Will comprehensive tax reform be enacted? Don’t rule it out. Congressional GOP leaders and White House officials are holding regular meetings to discuss facets of a major overhaul of the tax system. They will unveil a detailed plan after the August recess. During their time at home, Republican lawmakers hope to drum up support from their constituents. Business groups are using a full-court press to urge Congress to get it done.
GOP tax writers and their staff are busy working on a proposal for overhauling the federal tax system, which they expect to release after the August recess.