1411, 2017

top5

By |November 14th, 2017|tax reform points|0 Comments

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1411, 2017

top5

By |November 14th, 2017|tax reform points|0 Comments

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1411, 2017

Corporate, Business and Individual Tax Rates Would be Significantly Reduced

By |November 14th, 2017|tax reform points|0 Comments

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#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.

1311, 2017

Several Credits, Incentives and Deductions Would be Removed to Offset Rate Reductions

By |November 13th, 2017|tax reform points|0 Comments

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#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).

1211, 2017

The R&D Tax Credit Stays and Could be Expanded for Domestic Manufacturers

By |November 12th, 2017|tax reform points|0 Comments

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#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.

911, 2017

The Bill Would Move Away From a World Wide Tax System

By |November 9th, 2017|tax reform points|0 Comments

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#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.

811, 2017

Key Differences Remain Between the House, Senate and the Administration

By |November 8th, 2017|tax reform points|0 Comments

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#5. Key Differences Remain Between the House, Senate and the Administration

With the GOP’s legislative agenda having stalled over the past year, the party is facing tremendous pressure to get something passed before next year’s midterm elections. However, with key differences rising between the House, Senate and the Administration (including the above differences related to the timeframe for the corporate rate reduction and the removal of state and local tax deductions) there is still a long way to go until a tax bill reaches the president’s desk.

1401, 2017

top5 final

By |January 14th, 2017|tax reform points|0 Comments

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