North Carolina drastically cut corporate and income taxes in 2013, similar to today’s GOP tax plan in Congress. Corporate and income tax cuts created more jobs in North Carolina. But revenue shortfalls loom.
The Republican $1.5 trillion tax bill has been delayed because of procedural challenges from the Democrats. But when it does finally go through, one of the big winners will be banks. That’s because most of their business is here in the U.S., so they often pay higher taxes than other industries. A corporate tax rate […]
The corporate tax cuts included in the Republican tax bill — including a statutory corporate tax rate reduction to 21 percent from 35 percent, lower rates for pass-through businesses, elimination of the corporate alternative minimum tax and a tax holiday for repatriated profits — would deliver a windfall to many American companies. Those that are publicly […]
Republicans on their way to the first big victory of the Trump administration keep talking about how many winners there are under their negotiated tax bill. But the likely losers? Commuters, who have their parking, transit or bicycling subsidized by their companies. The new tax plan eliminates the incentive for private employers to continue offering […]
Many people spend many dollars trying to get out of their tax bills by finding loopholes and workarounds. Well, it’s very likely that states are going to be doing the same thing in a year or two. The intent is to lower the burden on their own residents who can no longer deduct as many […]
