Don Korb and Andy Solomon on the Passage of Tax Reform
In an article published in the Tax Journal, Don Korb and Andy Solomon discuss how tax reform was passed, and lay out the most significant changes of the Tax Cuts and Jobs Act.
January 12, 2018
The authors describe the legislative process that resulted in the Tax Cuts and Jobs Act being signed into law on December 22, 2017, emphasizing the speed with which the bill moved through Congress. Republicans were highly motivated to pass a major piece of legislation, recognizing that they could not go to voters empty-handed in the 2018 midterm elections. As a result, despite not releasing any legislative language until November 2nd, the Republicans managed to complete the tax reform process within less than two months. The article continues to summarize some of the most significant changes to business taxation, international taxation, and the taxation of individuals. Because of the wide-ranging nature of the changes, and the current absence of any related regulatory authority, the authors point out that there will be significant instability for the U.S. tax code in the coming time.