Will One of Trump’s Top Tax Breaks Get the Axe?

shutterstock_628599701

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.

Posted in
Geeta Nadkarni, Founder of Impact with Influence

Geeta Nadkarni, Founder of Impact with Influence

Geeta Nadkarni is a veteran journalist and performer with more than 25 years experience in the mainstream media. As the founder of Impact with Influence (ImpactwithInfluence.com), she has helped coaches and info-preneurs all over the world grow 6- and 7-figure businesses without sacrificing freedom, family time or integrity. Her work has been featured in The…

Randy Baron

Relationships: The Stock Picking Key to Success Pinnacle Associates | Randy Baron

Transcript of Randy Baron interview by Alan Olsen, Host of the American Dreams Show (Relationships: The Stock Picking Key to Success Pinnacle Associates): Alan Olsen: Welcome to today’s show. I’m here visiting here today with Randy Barron. Randy, welcome. Randy Baron: Thank you. I’m glad to be here. Alan Olsen: So Randy, for the investors, you have a…

Sonia Clayton

Sonia Clayton on Fostering Dreams & Innovation

Interview Transcript of: Sonia Clayton on Fostering Dreams & Innovation Alan Olsen: Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Sonia Clayton. She’s the CEO of VIP global. Sonia. Welcome to today’s show. Sonia Clayton:  Alan, thank you. It’s a pleasure to be here. Alan Olsen: So Sonia, for the listeners hear,…

Manish Gupta

Impact’21 | Manish Gupta, Co-Founder & Co-Chairman of Techne Infiniti Ventures

Transcript of Alan Olsen interviewing Manish Gupta, Co-Founder & Co-Chairman of Techne Infiniti Ventures at Impact’21:   Alan Olsen: I’m visiting here today with Manish Gupta. Manish, Welcome.    Manish Gupta:Thank you!   Alan Olsen: So Manish you’re with the Shashi Group. What brings you to the conference today at Impact?   Manish Gupta: Well,…