On Thursday, November 2, House Ways and Means Committee Chairman Kevin Brady (R-Texas) unveiled the Tax Cuts and Jobs Act, H.R. 1. On Friday, Chairman Brady released an amendment in the nature of a substitute (ANS) that made some changes to the original text. The bill is the first real attempt to overhaul and simplify the tax code since the Tax Reform Act of 1986. The release of the text and the amendment are also only the first steps in the process.