One of the key parts of the GOP tax reform plan is a cut in the corporate tax rate from the current 35 percent to 20 percent. In the bill passed by the House, that cut would begin next year. The Senate bill delays the cut until 2019. One year may not seem like a […]

The tax cuts the Senate approved in the wee hours of Saturday morning are expected to add at least $1 trillion to the federal deficit over the next decade. That’s according to the Senate’s own Joint Committee on Taxation. And that’s after taking into account a boost to economic growth generated by tax cuts. So […]

Is the proposed tax overhaul really a boon for small business? We checked in with Austin Golding, co-owner of Golding Barge Line in Vicksburg, Mississippi, to find out his perspective. “It seems like every time there’s a discussion about it, there’s a different provision or different nuance to it, but we’ve definitely been trying to […]

So now we have two GOP tax plans that must now become one. Among the variations between the House and Senate bills is the individual alternative minimum tax. That’s the idea that there should be some minimum tax rate so the wealthy can’t deduct or exempt their way out of taxes entirely. Doing away with […]

The GOP has promised its tax plan would ultimately create a simpler tax system for individuals. Key to that is a reduction in the number of tax brackets from the current seven. The House bill does that, taking them to four and lowering the rates. The Senate, though, sticks with seven, albeit at slightly lower […]

Now that the House and Senate have passed their versions of the tax bill, Republicans are going to start negotiating which items will be included in the final plan. Both the House and Senate would increase the child tax credit and make folks with higher incomes eligible. Critics say lower-income families would be largely left […]