What is the outlook for tax policy both for the Fall and after the elections? Here is an overview, with a focus on implications for small and mid-sized businesses.
Tax Reform Watch
At the end of last year, Congress passed and the president signed into law the most comprehensive reform of the tax code in over a generation. From reductions in corporate and individual rates to changes regarding popular incentives, the implementation of the new bill is set to create a host of new opportunities for manufacturers.
The passage of the Tax Cuts and Jobs Act has changed the playing field for U.S. businesses – and systems integrators are poised to benefit. From reduced rates for corporations and pass-throughs to new rules regarding popular incentives, the tax reform bill has created a host of new opportunities, and systems integrators should be planning now to best leverage these changes.
The chairman of the Ways and Means Committee, Rep. Kevin Brady (R-Texas) and the chairman of the Finance Committee, Sen. Orrin Hatch (R-Utah) as well as the White House have recognized that the current level of economic growth is unacceptable and that tax reform must encourage a stronger economy and faster growth.
The takeoff may have been rocky, but the Republican tax reform is off the ground.
Nine months into President Trump’s tenure, House Republicans have finally introduced legislation to try to put tax reform on his desk. Now, they aim to ram it through Congress in just two months, a near-impossible task that could define the legacies of House Speaker Paul Ryan, Ways and Means Committee Chairman Kevin Brady, and perhaps Trump himself.
T-MINUS ONE DAY: House Ways and Means Chairman Kevin Brady (R-Texas) is scheduled to drop his eagerly anticipated tax bill in just one day, and there’s still a lot of frenzy surrounding the House GOP’s efforts.
The Trump administration is pushing back against criticism from Democrats that its tax-reform plan will be a boon for the rich, casting the GOP bid to slash corporate taxes as a win for workers. The White House has reason to worry that arguments made by Democrats and other critics are resonating. A CBS News poll released Sunday found 58 percent believe Republicans’ tax proposals would favor the wealthy, with just 18 percent saying it would favor the middle class.