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 . . .


Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.