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BSMG Blog: Protecting the Future of Families and Businesses

President Trump Signs Tax Reform Into Law

 

After a long and contentious political battle, the U.S. House (224-201) and U.S. Senate (51-48) have passed the Tax Cuts and Jobs Act of 2017.  President Trump signed the bill into law and it goes into effect on 1/1/2018.  Major changes in personal income taxes, business income taxes, and estate taxes will go into effect for tax year 2018.  

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2017 Tax Reform Moves to House and Senate Conference Committee

 

The U.S. Congress has spent the last few months slowly working its way through the legislative process to provide major tax reform.  This reform impacts personal income taxes, business income taxes, estate taxes, and taxation of foreign business income.  The U.S House of Representatives passed its version of the Tax Cuts and Jobs Act of 2017 in early November.  The U.S. Senate just passed its version of the Tax Cuts and Jobs Act of 2017 last week. 

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[On-Demand Webinar] Impact of Tax Reform on the Insurance Industry

Brokers' Service Marketing Group brings you this expert on-demand webinar on the Impact of Tax Reform on the Insurance Industry. 

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The Pathway to Tax Reform in 2017... (2018?)

The financial and economic news is filled with articles and commentary on major federal tax reform in 2017. U.S. Treasury Secretary Steve Mnuchin has called President Trump’s tax proposals the “biggest tax cuts” in U.S. history. Just when these business tax, estate tax and income tax cuts will be enacted into law remains unknown. The political process to pass major tax reform is long and difficult. It requires ongoing cooperation by various political coalitions in Congress and the members of the Trump Administration. 

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BREAKING NEWS: White House Releases One-Page Tax Reform Outline

BREAKING NEWS 4/27/17: Yesterday, the White House released an outline of President Trump’s tax reform plan. 

The financial and economic news is filled with articles on major tax reform in 2017. Treasury Secretary Steven Mnuchin has called President Trump's tax proposals "the biggest tax cuts in U.S. history". Just when these business tax, estate tax and income tax cuts will be enacted into law still remains unknown. The political process to pass such major tax reform is long and tenuous. It requires cooperation by various political coalitions in Congress and the Administration. 

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