Monthly Archives November 2017

ALIMONY TAX CUTS HIT HARD

On November 2, 2017, Chairman Kevin Brady (R-TX) of the House Committee on Ways and Means released a tax reform plan, known as the House Tax Cuts and Jobs Act. The plan would reform the individual income tax code by lowering tax rates on wages, investment, and business income; broadening the tax base; and simplifying the tax code. The plan would lower the corporate income tax rate to 20 percent and move the United States from a worldwide to a territorial system of taxation. Some tax breaks that would be eliminated include student loan interest, tuition, medical expenses, and alimony
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