Tax Bill Finalized But Veto On The Horizon

House and Senate Republicans are putting the finishing touches on their tax cut plan valued at $792 billion over the next ten years. This is a far cry from the Democrat’s desired $250-300 billion cut, and almost guarantees a veto from the President. The bill would trim all five income tax rates by one percentage point, lower capital gains taxes for individuals, provide special tax breaks to businesses, and ease the so-called marriage-tax penalty, which forces millions of couples to pay higher taxes than if they were single.

Politics will again get in the way as both sides are jockeying for position in next year’s elections. Don’t expect a final bill to be presented for ratification until summer recess is over and Congress comes back to work after the Labor Day holiday . . .

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.