What You Need to Know About the Current Federal Tax Proposals

For months, we’ve been hearing about potential changes to the current tax laws. Various proposals have been floated, and not all of those are moving forward. With that in mind, here’s what you need to know about what’s happening in Congress.

I thought the budget was resolved back in August?

Not exactly. In August, the House of Representatives approved a budget resolution—sometimes referred to as framework: The vote was 220-212 along party lines. That same month, the Senate passed a similar budget resolution, 50-49, also along party lines.

So it sounds like it’s a done deal?

Far from it. ...