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
Tips to Improve Your Leadership Communication

Tips to Improve Your Leadership Communication

Here are some tips to improve your leadership communication.  One of the most important attributes any leader can possess is the ability to communicate well with others. Good leaders understand this attribute is one they need to consistently work on to continually improve. Good communication is vital for any type of leader, as he or…

Are Risk Takers Good Leaders?

Are Risk Takers Good Leaders?

ARE RISK TAKERS GOOD LEADERS? Are risk takers good leaders? Risk plays a factor in our daily choices, and perhaps more so in the professional aspect of our lives. Some decisions we make are chancier than others, and there are countless examples of leaders in the business world who have taken great risks in order to become highly…

Six Habits of Professional Leaders

Six Habits of Professional Leaders

This article will discuss six habits of Professional Leaders.  Leadership in the workplace comes in many different styles and forms. Not all people in positions of leadership have the necessary skills to excel at their position. To be successful in business leadership, developing and honing numerous talents, abilities, and attributes is necessary. Some professional leaders are…

Dan Forootan, "How Small Businesses Are Being Empowered with Big Data"

How Small Businesses Are Being Empowered with Big Data | Dan Forootan

“How Small Businesses are Being Empowered with Big Data”, Dan Forootan Transcript, Interview by Alan Olsen, Host of The American Dreams Show: Dan Forootan: I started my first company at 16 years old when I was in high school. I loved technology and Bill Gates was my idol. I started playing with stocks in eighth grade.…