cheap replica watches

Tax Reform Bill Expected Soon

Following the passage of the budget resolution on Oct. 26, Ways and Means Chairman Kevin Brady (R-Texas) announced that his committee’s long-awaited tax reform proposal will be introduced on Nov. 1, with a committee mark-up scheduled to begin on Nov. 6. Late on Oct. 31, however, the introduction of language was bumped to Nov. 2.

According to Rep. Brady, he expects the mark-up to take multiple days but that it will mostly be held within regular working hours. He also said that he anticipates a static revenue estimate from the Congressional Budget Office and the Joint Committee on Taxation before the mark-up or as it begins, and then a dynamic score – reflecting macroeconomic feedback from the proposed reforms – after the bill is passed by Ways and Means. Their goal is to complete work in the House on the legislation by Thanksgiving.

While Chairman Brady and others have kept a close hold on the details that may be included in the legislative package, there have been hints about some of the provisions on which Republicans are focusing, including the treatment of pass-through entities, business interest and expensing, and some individual taxpayer incentives that have long been considered untouchable.

However, there are a series of challenges to the plan, from worries about how tax reform might increase the deficit to battles over specific tax provisions, including possible changes to the tax status of 401(k) plans and the deduction of state and local taxes.

NSBA supports a broad bipartisan overhaul of the tax system by dramatically broadening the base—cutting the breaks that litter the tax code—and lowering rates while maintaining revenue neutrality. As Congress debates what tax system should replace the current one, NSBA believes it is imperative that the U.S. moves towards a simpler, fairer tax system that does not attempt to only tweak one piece of the puzzle but instead is a permanent solution. Specifically:

Rate Parity: For NSBA, one of the main goals of fundamental tax reform is to make U.S. businesses—of all sizes—more competitive and to increase economic growth. This requires a reduction in tax rates on businesses and investment. Thus, most critical to small-business owners is lowering individual tax rates commensurate with corporate rate cuts. Congress should provide the same rate for all businesses whether organized as C corporations or pass-through entities, and Qualified Personal Service Corporation income should flow out at individual tax rates.

Permanent Expensing and Interest Deductibility: Furthermore, any legislation should allow businesses to immediately and permanently deduct the full cost of qualified capital investments, with interest deductibility for those with gross receipts under $10 million. As Congress debates what tax system should replace the current one, NSBA believes it is imperative that the U.S. moves towards a simpler, fairer tax system that does not attempt to only tweak one piece of the puzzle but instead is a permanent solution.

House Speaker Paul Ryan (R-Wis.) has set a deadline for enacting tax reform by the end of this year and has said he intends to keep the House in session through Christmas to make that happen. Senate Republicans are waiting for the House Ways and Means Committee to unveil its package, but the Senate Finance Committee aims to beginning its own markup the week of Nov. 13.

Posted by on November 1, 2017. Filed under Latest News, Tax & Budget. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

puma india fitflop australia
onitsuka tiger malayasia asics malaysia dsquared2 uk dsquared2 jeans