Client Alert
The Tax Reform Act of 2014 intends to simplify and consolidate the individual taxation scheme by consolidating, changing, or eliminating a variety of current tax benefits and the tax rates. The following is a summary of a number of the most significant provisions of the Proposal for individual taxpayers. We have also prepared summaries of other provisions relevant to other areas of the Internal Revenue Code, which are available on our website. Although the Proposal has not yet been formally introduced as a bill and it’s future is uncertain, it represents a significant statement regarding tax policy and we will monitor its progress.