Tax Reform Goals Outlined

The U.S. House Budget Committee has released a 2018 Budget Resolution titled “Building a Better America,” which aims to balance the budget within 10 years and end fiscal year 2027 with a $9 billion surplus. The deficit-neutral proposal includes a simplified tax code, lower individual and corporate tax rates, repeal of the alternative minimum tax, and transition from a worldwide tax code system to a territorial system. This proposal assumes the House-passed American Health Care Act will become law, but passage is uncertain at this time.