New Tax Act Under Review by Congress
Additional provisions include a 50% capital gain deduction that would replace the current 17 different rates at which capital gains can be taxed.
The bill, H.R. 5166, is filled with many provisions that remove outdated portions of the tax code, and other provisions simplify and clarify current areas of the code that are confusing.
"Our current tax code is a mess," said Representative Portman in a press release. "It is filled with provisions that are complicated, confusing and contradictory. My legislation will take significant steps toward making our tax code simpler so that taxpayers can spend less time calculating their taxes."