H&R Block’s shareholders endured a rough patch in early November, and the initial draft of the GOP’s tax overhaul appears to be at least partly to blame.
On Nov. 2, Rep. Kevin Brady, the chairman of the House Ways and Means Committee, and Speaker Paul Ryan unveiled the original version of the House bill, kicking off nearly two months of frenzied congressional dealmaking that resulted in a measure making its way to President Trump’s desk. Their initial pitch included a promise that 9 in 10 Americans would be able to file their taxes on a postcard, in part because a higher standard deduction would offset the incentive to maximize the tax code’s myriad benefits and loopholes. To emphasize the point, the pair brought a prop to their announcement that read, “Simple, Fair ‘Postcard’ Tax Filing.”
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