US Senate Tax Proposal: Sets Permanent 20% Corporate Tax Rate With 1-Year

by | November 9th, 2017, 20:13:05 | News

Sets Deemed Repatriation Tax On Overseas Profits At 12% For Liquid Assets, 5% For Illiquid Assets

  • Meets $1.5 Trillion Federal Deficit Ceiling For Tax Legislation
  • Keeps 7 Individual Tax Brackets, Sets 38.5% Top Earners Rate, Down From 39.6 %
  • Sets 10% Tax Rate For U.S. Companies With IP In Foreign Low-Tax Jurisdictions
  • Eliminates Net Operating Loss Carry-Backs For Businesses
  • Fully Ends Individual Deduction For State And Local Taxes, Keeps Business Deduction
  • Does Not Repeal Federal Estate Tax On Inheritances, But Doubles Exemptions
  • Allows Full Expensing On Business Capital Investments For Five Years
  • Sets No Special ‘Pass-Through’ Tax Rate, Lets Business Owners Deduct About 17.4% Of Business Income From Individual Tax
  • Pass-Through Proposal Translates To Tax Rate In Low 30% Range For Top Earners
  • Expands U.S. Child Tax Credit To $1,650
  • Leaves Carried Interest Loophole Unchanged
  • Leaves Home Mortgage Interest Deduction Unchanged, Ends Benefit For Home Equity Loans
  • Full US House To Attempt To Pass Tax Bill As Early As Next Week
  • US House Ways And Means Committee Advances Republican Tax Bill
  • US House Ways And Means Committee Tax Bill Backed By All 24 Republicans; Opposed By All 16 Democrats
  • US House Ways And Means Committee Approves Major Overhaul Of Tax Code That Slashes Corporate Tax Rate To 20% From 35%

Not really new news then as it’s been discussed most of the past week, one of the missing links is there, the 12% repatriation tax .
Market takes it quietly for now : EURUSD 1.1645, USDJPY 113.20, Cable1.3155

K-man
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