In 2017, Congress may consider what may be the most important tax bill in more than thirty years. Tax issues are more complex and difficult to resolve than ever. To help explain them and decode the jargon, the Tax Policy Center has prepared a series of briefs describing the key provisions of the tax code that Congress is likely to debate in the coming months.
For example, both President Trump and the House Republicans have proposed eliminating the personal exemption and increasing the standard deduction. One brief examines this change and shows how it would affect taxpayers compared with current law. Also likely to undergo debate this year is how partnerships and sole proprietorships are taxed. In another brief, we examine the structure of those arrangements under current law and how they would be treated under the Trump and House Republican plans.