#1. Corporate, Business and Individual Tax Rates Would be Significantly Reduced
The proposed House and Senate bills would both significantly slash corporate, business and individual tax rates. The House and Senate bills would slash the corporate rate down to 20 percent (although the Senate version would delay the rate reduction until after 2018) and reduce the rate on small and family-owned businesses to no more than 25 percent.
On the individual side, the House bill would collapse the current seven tax brackets into brackets of zero, 12 percent, 25 percent and 35 percent. The Senate version would however maintain the seven tax brackets, with a modified top bracket of 38.5 percent.
#2. Several Credits, Incentives and Deductions Would be Removed to Offset Rate Reductions
To pay for the proposed rate reductions, the House and Senate bills would remove a number of business credits and incentives (including certain mortgage deductions, DPAD and WOTC). Additionally, the Senate version calls for the full repeal of state and local deductions (putting them at odds with House Republicans in high tax states).
#3. The R&D Tax Credit Stays and Could be Expanded for Domestic Manufacturers
While many credit and incentives will be facing the chopping block, the Research and Development Tax Credit would remain—and factoring in separate legislation introduced by Senators Chris Coons (D-DE) and Pat Roberts (R-KS)—could potentially be strengthened for domestic manufacturers.
alliantgroup Hosts Former U.S. Secretary of Homeland Security Tom Ridge at its Technology, Economic, Legislative & Policy Summit
During the two day conference, attendees were treated to a series of panels covering some of the most critical issues facing U.S. policymakers. Such topics included the impact of technology on the American workforce, the growing importance of […]
THURSDAY, December 7, 2017
Center Club Orange County, 650 Town Center Dr., Costa Mesa, CA 92626
VALET PARKING INCLUDED
7:00 a.m. Registration & Breakfast Buffet
7:30 – 9:00 a.m. Presentation
Join Mark, Dean and Rick as they shares exclusive insights on everything from tax reform to healthcare to what impact the White House will have on legislative and tax policy in 2018 and beyond.
Mark, Dean and Rick are media go-to sources for commentary on tax policy and contributors to a variety of publications. They have recently been published or quoted in the following media:
Use the form to register. Questions? Email: Contact@alliantgroup.com […]
#4. The Bill Would Move Away From a World Wide Tax System
With respect to international tax, the bill would move away from a “worldwide” tax system and eliminate incentives that reward companies for shifting jobs, profits and manufacturing facilities overseas.