Provisions of New Senate Tax Plan Released Last Night

The Senate formally announced its version of a tax reform bill last night.  While there are a number of variances in the Senate bill relative to the recently-announced House version, the most notable differences are: 

(1) the Senate’s delaying of the corporate tax rate reduction until 2019 (which rattled investors yesterday),

(2) the total exclusion of the state and local tax deduction (vs. $10K cap in House bill); and

(3) doubling the estate tax threshold to $11MM (House bill phases out estate tax entirely over time).

Click here for the key provisions of the 253-page Senate bill titled “Tax Cuts and Jobs Act.”

Now that we have the President’s framework, the House bill and the Senate bill, the reconciliation process will begin in earnest.  It is expected to be a challenging process, and we will be watching the developments closely to determine what we believe the ultimate bill will look like and what the implications are for markets and our clients.  For any questions, call United Asset Strategies at (516) 222-0021 or email This email address is being protected from spambots. You need JavaScript enabled to view it. .


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