This fall, the Senate and House released proposed legislation that would dramatically alter taxes in the United States. Both bills have to pass through a number of steps before potentially becoming law. In the meantime, many people have questions about how the changes could affect them. Read on to learn more about the following tax details:
1. What similarities the plans share
2. Where strategies differ
3. How tax brackets could change
Tax reform is complicated, so we can only cover some of the biggest changes here. Despite differences in each plan, both bills contain additional proposals that could affect everything from small business taxes to foreign revenue.