Vice President Biden campaigned on a number of tax proposals: Raise the corporate rate from 21% to 28% “on day one” Increase the Global Intangible Low Taxed Income rate from 10.5% to 21% Create a new corporate alternative minimum rate of 15% on financial statement income over $100 million Increase the top individual rate and … Continue Reading
This morning, the Unified Framework on Tax Reform was released by Republican members of the House Ways & Means Committee, Senate Finance Committee, and the Trump Administration. Some high level summaries and observations follow. Individual Rates Doubles the standard deduction to $24,000 for a married couple filing jointly and $12,000 for a single individual, thus … Continue Reading
Procedural questions over when a budget resolution’s reconciliation instructions become stale have swirled for years. There were three options: the end of a fiscal year; until the next budget resolution overtakes it (and next budget resolution could certainly affirmatively preserve it); or the end of a Congress. The huge news out of the Senate today … Continue Reading
On April 26, 2017, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn introduced the Trump Administration’s tax reform proposal (the “Trump Proposal”) in a briefing. The proposal appears to borrow heavily from the tax reform plan put out by Mr. Trump during his presidential campaign with the significant exception that this reform … Continue Reading
