The Republican tax reform blueprint released Wednesday does not specify how tax cuts in the plan would be paid for, so credit unions that are carefully guarding their tax exemption aren’t out of the woods yet.

The plan would cut taxes for businesses, the middle class and the wealthy. It also preserves some of the public’s favorite tax credits.

The plan was developed by the Trump Administration and Republicans on the House Ways and Means Committee. It is designed to serve as a “a template for the tax-writing committees that will develop legislation through a transparent and inclusive committee process,” according to the nine-page document.

At the end of the document, there is a section entitled, “Tax Rules Affecting Specific Industries.”

 

continue reading »