Federal Tax News Post for September 29

Federal Tax News Post for September 29

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Critics see flaws in Trump tax plan. After the release of a “framework” for tax reform by the Trump administration, some critics voiced concerns about how the changes would affect the deficit. Senator Bob Corker (R-TN) said, “I’m not about to vote for any bill that increases our deficit, period.” Critics also cautioned that the proposed 20% income tax rate for pass-through businesses could be abused by wealthy individuals and certain partners, who could see substantial savings of large portions of their income unless Congress adds provisions to prevent abuse.

All content provided on the TKO Insights website is for informational purposes only. Any tax advice contained in this communication (including attachments or links) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (i) avoiding tax penalties or (ii) promoting, marketing or recommending to another party the matter or transaction addressed herein. We recommend you consult your tax, audit, accounting or business valuation advisor related to any content on this site.