Commentary How many times have you heard President Joe Biden or Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) berate the Trump tax cuts as “a giveaway to the rich”? Biden and congressional Democrats now want to let expire major planks of the Tax Cuts and Jobs Act of 2017, former President Donald Trump’s signature…
Tax Laws That Sunset at Year-End 2025: Take Advantage Now
The Tax Cuts and Jobs Act (TCJA) tax law changes will sunset on Dec. 31, 2025. And although this may seem far off, it’s never too soon to plan. You and your accountant may be able to set up mechanisms now to avoid some of the higher taxes that are coming. But what exactly will…
Repealing Trump’s SALT Cap Deemed Unpopular as It Benefits Rich
WASHINGTON—A bipartisan group of lawmakers is pushing to eliminate the cap on federal tax deductions for state and local taxes (SALT) but many argue that such a move would massively favor the rich. For decades, the ability to deduct SALT has been an important tax break for taxpayers who itemize deductions on their federal income tax returns. The 2017 Tax Cuts and Jobs Act…
Biden Administration Eyes Raising Corporate Tax Rate to Pay for Stimulus
WASHINGTON—The Biden administration has signaled that it could introduce gradual tax hikes to help pay for spending initiatives, drawing criticism from Republicans who worry that tax increases would hurt the economy. As part of his campaign promise, President Joe Biden proposed raising the federal corporate tax rate to 28 percent from the current 21 percent. And…
Why Full Expensing of R&D Should Remain in the Tax Code
March 3, 2021
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Commentary Ask a thousand random people what the 2017 tax reform law did, and probably none of them would tell you about full expensing of business investments—instead, they’d likely cite individual or corporate income tax reductions. And yet, the ability to immediately deduct investment expenses was one of the most important, pro-growth provisions in the…
Opportunity Zones Play Key Role in Economic Recovery: Advocacy Group
February 22, 2021
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WASHINGTON—Early results of the opportunity zones program—which has attracted tens of billions of dollars to low-income communities—are promising, and policy improvements are necessary to maximize its contribution to the economic recovery from the pandemic, according to an advocacy group. A wide range of investments that offer tax breaks to private funds is provided through the opportunity zones,…
The Now-Complete Democrat Trifecta Threatens Tax Hikes
Commentary Understandably lost in the wake of Wednesday’s shocking events was the fact that, with two election wins in Georgia, Democrats took control of the Senate to go with control over the House and presidency. Though tax policy may have taken a backseat in these Georgia elections, the results raised the chances of significant tax…
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