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According to the Tax Foundation’s Taxes and Growth Model, the Tax Cuts and Jobs Act would lead to a 1.7 percent increase in GDP over the long term, 1.5 percent higher wages, an additional 339,000 full-time equivalent jobs, and cost $1.47 trillion on a static basis and by $448 billion on a dynamic basis.
As the Tax Cuts and Jobs Act seeks to simplify the tax code, a last-minute provision closed a potential new tax-planning strategy germinating before the bill even passed.
There is no good reason to eliminate interest deductions to permit expensing. Expensing is a key element of any tax system which seeks to put all economic activity on a level playing field.
The Tax Cuts and Jobs Act will temporarily reduce alternative minimum tax liability, but retain the complexity inherent to the tax.
If enacted, the Tax Cuts and Jobs Act would put the U.S. corporate tax rate more in line with its international peers at 13th highest of 35 OECD countries.
If the state and local tax deduction is necessary to prevent double taxation, why don’t states offer a deduction for federal and local taxes?
As Arkansas considers tax reform, expanding or increasing the state’s property tax, if used to finance other tax changes, would be worth exploring.
A proposal in the Senate tax reform bill to reduce alcohol taxes wouldn’t create the negative health consequences that some claim.
The House and Senate have both passed legislation that would overhaul the federal tax code. Learn about the key differences between the two bills.