Senate Republicans narrowly approved the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.
The tax-reform proposal moving through the U.S. Senate would hobble—and potentially cripple—the supply of tax-equity investment, an esoteric but critical source of clean-energy finance.
The Accountants Confidence Index bounced up again amid uncertainty.
The last-minute Republican additions to the Senate tax bill include one apparently designed to appease mortgage lenders who worried that the legislation could cost them billions of dollars and drive some small firms out of the business.
The Treasury Department’s inspector general is examining whether political considerations interfered with Secretary Steven Mnuchin’s promised analysis of the Republican tax proposal.
The Senate tax bill is headed for a round of marathon votes Friday with the goal of holding a final vote by the end of the work week. Here are the latest developments, updated throughout the day.
RSM International has launched RSM Canada, with 37 partners and nearly 300 professionals in Toronto, with plans to extend its reach across the country.
As if the Republican tax reform plan wasn’t bad enough already for taxpayers, the latest scheme to win over more votes of a precarious Senate majority involves adding a “trigger” to raise certain taxes if there isn’t enough economic growth to cover the $1.4 trillion cost of the bill, though the Senate’s parliamentarian appears to have just shot down that proposal.
A push by some Republican senators to ward off future deficits by tucking a potential corporate tax increase into their tax-overhaul bill would set up a kind of economic booby trap—putting the GOP’s much-desired growth at risk, according to a half-dozen economists, lobbyists and tax experts.
The tax reform bills passed by the House, and soon to be passed by the Senate, have many similarities. And you can count on measures that are the same in both bills to end up in the final version to be signed by the President.
