Home General News Top U.S. House tax writer releases tax bill on retirement plans, IRS

Top U.S. House tax writer releases tax bill on retirement plans, IRS

A Republican who will soon step down as chairman of the U.S. House of Representatives tax committee late on Monday delivered a sweeping, close to 300-page tax bill that he stated would affect Americans’ retirement savings, numerous business tax breaks and redo the Internal Revenue Service.

Representative Kevin Brady, chairman of the House Ways and Means Committee only until early January, ushered through the House and onto President Donald Trump’s desk in 2017 a large tax bill that cut the U.S. corporate tax rate.

Brady said in a statement, “The policy proposals in this package have support of Republicans and Democrats in both chambers. I look forward to swift action in the House to send these measures to the Senate.”

American voters terminated Republican control of the House in the Nov. 6 elections and passed majority power to the Democrats. Brady is expected to be replaced as committee chairman in January by Richard Neal, Democratic Representative.

A spokesman for the lawmaker said that in the main time, Congress is holding a “lame duck” session where Republicans like Brady will still be in charge of the House agenda. No summary of Brady’s bill was instantly available.

The legislation’s perspective was not instantly clear, with Congress possibly busy in the “lame duck” session with a must-pass spending measure and Trump’s fresh demands for money to build a proposed wall along the U.S.-Mexico border.

The 297-page text of the bill covers tax breaks for fuel cell cars, energy efficient homes, race horses, mine safety equipment, auto race tracks and many other items, also, retirement savings plans like 401(k)s and individual retirement accounts (IRAs).

The bill still “includes some time-sensitive technical corrections” to the 2017 bill that Trump signed into law, Brady said in the statement.

Reuters

Frank Spector
Frank Spectorhttps://360aproko.com/
Am a writer, blogger and a singer. Just love to live my life to the fullest with God by my side.

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