Taxes affect our daily lives, and the House is working on a bill to “reform the tax code.” If taxes are drastically altered, it won’t just affect our personal taxes; Medicaid funding could be affected as well. For example, Senator Cotton called for the repeal of the Obamacare individual mandate through tax reform. That’s why it’s so important to stay on top of what’s happening.
A House committee released the bill, the “Tax Cuts and Jobs Act,” this afternoon, and it’s a very long read.
This is just a first version. They will revise the bill and try to pass it through the House by Thanksgiving to send to the Senate in order for it to take affect by January 1, 2018.
Take the time to try to understand it and respond if necessary. Here are a few articles to help you understand what’s going on:
- What is this and what’s next?
- The House tax bill explained
- Read the Bill itself
- 8 Important Changes to the Current Tax Code
- What it means for Americans
- How it could affect Arkansans
Make sure you understand this for yourself, and contact your U.S. Senators with your questions, concerns, and comments!