Business Income Tax:
-Lower Tax Rate:
The plan also calls for the business tax rate to be lowered
from 35 percent to 15 percent.
This also means that the business tax rate will be
reduced from 6 brackets (15%, 25%, 34%, 35%, 38% & 39%) to
-Limit Top Rate:
However, sole proprietorships, partnerships and S
corporations to will not pay taxes above 25%.
TheAlternative Minimum Tax (AMT):
The AMT will be eliminated.
This will reduce the tax filing burden on
Removal of the Double Taxation is also being considered.
Businesses will be able to immediately write off the
investments in depreciable assets other than structures made
after September 27, 2017, for at least five years.
The deduction for net interest expense incurred by C
corporations will be partially limited.
Deductions & Credits:
Domestic production deduction will be eliminated.
It will replace the existing, outdated worldwide tax system
with a 100% exemption for dividends from foreign
subsidiaries (in which the U.S. parent owns at least a 10%
Reduce the rate on profits earned by U.S. multinational
-Remove ACA Tax:
Repeal the 3.8 percent ACA tax “that hits small businesses
and investment income.”