Changes to individual tax reform were largely temporary but that’s not the case for business income tax reform provisions.
Most of the provisions for business income tax are permanent. Business tax reform, in many respects, was the primary driver for enacting tax reform. The key provision, or main goal, for tax reform was a reduction of the corporate tax rate from 35% to 21%; in addition to other items that were designed to stimulate investment through immediate expensing. Many of the tweaks and changes were largely a result of raising revenue to offset the expense of reducing the corporate rate. This video reviews the corporate tax rate, cost recovery, interest expense and partnership deduction.
McDermott Will & Emery
- Partner in the Washington, D.C. office of McDermott Will & Emery LLP
- Practice emphasizes all aspects of U.S. and international tax, and tax controversy
- Experienced with U.S. and international tax issues relating to multi-international corporations
- Represented taxpayers before the U.S. Tax Court, Court of Federal Claims, and the U.S. Senate
- Admitted to the District of Columbia Bar
- J.D. degree, Duke University School of Law; B.A. degree, Brigham Young University
- Can be contacted at 202-756-8777 or [email protected]
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