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Published On: Wed, Sep 27th, 2017

Trump Tax Plan Slashes Corporate Rate, But These Key Deductions Too

President Trump’s tax-plan announcement Wednesday was expected to be a public-relations pitch selling tax cuts with few offsets, but many businesses would lose key deductions along with the lower headline rates.

XAutoplay: On | OffBig tech stocks like Apple (AAPL) and Facebook (FB) would be among the winners, getting a tax break on foreign profits they’ve been holding overseas to avoid having them taxed at the statutory 35% rate (less taxes paid to the country where they’re earned). Those sheltered profits would face a one-time tax at a lower, yet-to-be-determined rate, while future foreign profits wouldn’t be subject to U.S. taxes.

Shares of Apple rose 0.7% and Facebook 2.1% on the stock market today.

Perhaps the most surprising pay-for was the vague language saying that the deduction for corporations’ interest expense “will be partially limited.” Economists like the idea of ending the tax code’s incentive to issue debt over equity, which stands to cost the government $1 trillion in revenue over 10 years. But that provision, depending on how it’s eventually written, could face serious opposition from industries with high debt loads.

“Highly leveraged firms will oppose such a Read Full Article

Source: Economy – IBD

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