On 9 November 2017, the House Ways and Means Committee approved the ‘Tax Cuts and Jobs Act of 2017’ (HR 1) bill. The bill proposes to lower business and individual tax rates, modernise US international tax rules, and simplify the tax law, with significant impacts on numerous sectors of the economy.
The tax reform legislation being considered in the House and Senate remains open to significant changes as Congress attempts to overcome political hurdles that could affect the prospects for enacting sustainable reform of US tax laws, providing a more competitive tax system for business taxpayers and improved economic opportunities for individuals and families.
