The Treasury Department unveiled a corporate tax framework that would lower the corporate tax rate from 35% to 28%, but would keep in place the worldwide tax system that United States based multinationals have been lobbying to be done away with.
The trade off for the lower tax rate would be the elimination of many business tax breaks, including the elimination of the last-in, first-out method of accounting and subsidies for oil and gas companies.
Carried interest would be subject to ordinary income treatment and the special depreciation rules for noncommercial aircraft would be eliminated.
The plan calls for a 25% rate for manufacturing income and would expand, simply and make permanent the research and development tax credit.
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