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.
What Happened to California’s Tax Revenue in May?
Where has all of California’s money gone? Ok, so the state isn’t bankrupt or anything like that, but according to recent reports, the state’s tax revenues fell short by 5.5 percent in the month of May. That marks the first time in six months that California’s revenues have not reached expectations. In fact, that 5.5…
Beware the Pump: Another Gas Tax Is on the Way
If you’ve had enough with California’s high gas prices, then you might not want to keep reading, because just when you thought things couldn’t get any worse, they are about to. That’s because when 2015 rolls around California residents are going to have to pay another new gas tax. In fact it’s a double-digit hike…
Try These Five Tips For Tax Savings in 2014
Everyone loves to save on their taxes, especially since it seems like the government never runs out of ways to add to American’s tax bill. So let’s discuss some helpful tips to reduce your tax bill. Although it might be too late to implement these ideas for last year’s return – unless you file an…
As Property Values Soar In California, So Do the Tax Bills
As Property Values Soar In California, So Do the Tax Bills When it comes to taxes, sometimes it seems like if it’s not one thing, then it’s another. During the recession, when the housing market was taking a hit due to dropping property values, county tax assessors across the state actually dropped property tax bills…