If permanently lowering the corp tax rate to 20% - as Trump promised - is not included in the GOP tax bill, watch the reaction of the stock market... the market has been riding high based on the expectation that corps will receive a big gift from the GOP, and their campaign support $$$ will finally pay off.
Republican Plan Delivers Permanent Corporate Tax Cut
By JIM TANKERSLEY, THOMAS KAPLAN and ALAN RAPPEPORT
NOV. 2, 2017
Representative Kevin Brady, who chairs the House Ways and Means Committee, spoke about the new Republican tax plan today. Mr. Brady said the bill is estimated to cost $1.51 trillion over a decade. Credit Al Drago for The New York Times
WASHINGTON — Republican lawmakers unveiled a sweeping rewrite of the tax code on Thursday, outlining a $1.51 trillion plan that will deliver a significant tax cut for corporations and more modest savings for middle-class families while tilting the United States closer, but not entirely, toward the kind of tax system long championed by businesses.
The House plan, released after weeks of internal debate, conflict and delay, is far from final and immediately ignited a legislative and lobbying fight as business groups, special interests and Democrats began tearing into the text ahead of a Republican sprint to get the legislation passed and to President Trump’s desk by Christmas. Lawmakers appeared unfazed by the blowback and scheduled the first official “markup” of the bill for Monday.
[...]
Graphic Six Charts That Help Explain the Republican Tax Plan
The plan sticks to President Trump’s goal of a 20 percent corporate tax rate, down from a maximum of 35 percent today. The cut would be immediate and permanent. It also eliminates the alternative minimum tax for corporations.
Other parts of the plan would limit or eliminate some tax breaks corporations currently employ. It limits the deductibility of interest for most companies, for example, with an exception for smaller firms. It would also take away businesses’ ability to deduct some types of executive compensation above $1 million a year — including performance-based pay.
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