(This post directly follows the previous post which asked to oppose the language effectively repealing the Johnson Amendment for houses of worship.)
Ms SANCHEZ: Mr. Speaker, I include in the Record two letters in opposition to this bill, one from SEIU and one from the AFL-CIO. Read More
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, will broadly impact businesses of all sizes.
The bill significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT). It also provides a large new tax deduction for most owners of pass-through entities and significantly increases individual AMT and estate tax exemptions. And it makes major changes related to the taxation of foreign income.
You may even be able to utilize some enhancements on your 2017 tax return. Read More
For the past few years, the focus of federal tax reform has been on reducing the corporate statutory rate from 35% down to 25% (H.R. 1 (113rd Congress, Camp)), 20% (House Republican blueprint of June 2016) or 15% (Trump 1-pager). The rationale for a corporate rate cut is that ever since we last reduced the top corporate rate from 46% to 34% with the Tax Reform Act of 1986, other industrialized countries did the same (in 1993 the rate was increased to 35%). You can see from this OECD data that most countries have a lower rate, although France is at 34.43%. Read More
Many of you have heard that President Donald Trump has proposed changes to the tax laws, some of which includes lowering the rates paid by businesses. Here are a few of the highlight’s of the proposed plan: Read More
The House Republicans have proposed their updates to the US tax plan, titled A Better Way. Looking at the basics, it shares many similarities with that of Donald Trump’s plan. The plan takes much from the idea that the US tax system is too complex and broken. While having the backing of the Republican Party, House Democratic leader Nancy Pelosi and AFL-CIO have openly spoken against it.