Senate panel mulls business tax reform
The Senate Finance Committee held a hearing Tuesday to discuss reforming the business tax code and heard from a group of panelists, including a representative of the American Institute of CPAs.
The Senate Finance Committee held a hearing Tuesday to discuss reforming the business tax code and heard from a group of panelists, including a representative of the American Institute of CPAs.
Proposals in Washington could seriously disadvantage one of the most common forms of business.
A group of U.S. business executives called for Congress to cut the corporate tax rate as low as possible and end the current global approach in which companies’ profits are taxed no matter where they’re earned.
Senators Bob Corker and Pat Toomey, two Republican members of the Senate Budget Committee, said they have agreed to a tentative deal to craft a budget that would allow “headroom” for a significant tax cut, though they didn’t specify the size of the reduction.
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Why aren’t CPAs focused on this insidious growing problem that can adversely affect the families and businesses they been protecting for years?
Wolters Kluwer Tax & Accounting released its estimates Monday of tax bracket ranges and other inflation-adjusted tax figures, including the standard deduction and personal exemption level, predicting the biggest tax savings in 11 years no matter what happens with tax reform.