Will One of Trump’s Top Tax Breaks Get the Axe?
As the new president and his administration continue to tout their big plans for a major tax overhaul in the U.S., it remains to be seen if the proposals will get passed in the House and Senate. While both branches of government are all for tax code reform, there are still differences that must be overcome. For example, House Republicans are currently weighing the possibility of killing one of President Trumps’ personal favorite tax deductions.
This tax provision has been around for hundreds of years and it has been a huge boost to the president’s real estate fortune. However, it could become one of the biggest tax fights in Washington in the coming months. According to reports, in order to offset the proposed reduction in the nation’s corporate tax rate, the House would like to use the $1 trillion that would be raised by ending a deduction for businesses’ interest expenses.
While doing so would help fund the government and its programs, there are several industries that are already clamoring for the deduction to be retained as is, including private equity companies, real estate moguls, and even farmers – all of which claim that they have to borrow money in order to operate. They fear huge tax increases if the deduction is removed.
So far, Republicans are divided on the issue, while the president himself has long supported the deduction for obvious reasons. His Treasury Secretary has said that they prefer to keep it in place but that all options are still open. Stay tuned, because this could end up being a big fight in the nation’s capitol.
Will Your Tax Refund Be Delayed?
It’s only January, but because the calendar has turned to 2015, that means the tax season is officially here. While most people don’t file their taxes in January, there are a few early birds who go after the first worms of the year, so-to-speak. Although it’s often a good idea to make sure the IRS,…
Are You Looking To Invest for Growth?
What kind of investor are you? There are many types of investment strategies and each person will follow the strategy that best fits his or her plan. At GROCO, we can help all kinds of investors, including those who are investing for growth. When it comes to long-term growth, the total return on your investment…
Not Living on the Earth? You Still Have to Pay Your Taxes on Time
You gotta hand it to the IRS for being thorough. They’ll leave no stone unturned in an effort to make sure that every taxpayer files their return. That’s even true of very big stones, otherwise known as asteroids. In other words, even if an astronaut wanted to hide behind an asteroid or a moon rock,…
With Gas Prices Down, Could Gas Taxes Be Going Up?
Rich or poor, young or old, no one likes high gas prices – with the possible exception of oil and gas companies. In any case, the recent drop in gas prices around the country has no doubt brought some relief to just about everyone in America, including big corporations that own large fleets of vehicles.…