Trump Tax Reform Proposal Cuts Taxes on Corporations, Decreases Federal Revenue by 14%

[Editor's note: 1031Gateway supports the efforts of groups like www.SaveThe1031.org, which is exposing the devastation this tax reform proposal would unleash on our economy and mobilizing Americans to make their opposition known to Congress in order to stop this bill. Please visit www.SaveThe1031.org and fill out their form to directly send individual letters to your representative and senators in Congress, urging them to fight for the 1031 exchange.]

"Currently, there are two major proposals to reform the federal tax code."

"President Trump’s plan would reduce the current corporate income tax rate, from 35 percent to 15 percent. At the same time, the plan would eliminate the corporate alternative minimum tax."

"The House GOP’s Blueprint would ... allow companies to write off or deduct the full cost of capital investments in the year in which they purchased them. This includes purchase of buildings, factories, plants and equipment, and inventories."

"Both plans would reduce the amount of revenue that the federal government would raise over the next decade. The Trump proposal... would reduce revenue by $5.9 trillion over the next decade, or about 14 percent of federal revenue. The House GOP proposal... would reduce revenue by $2.4 trillion over the same period, representing about 6 percent of federal revenue."

Tax Foundation

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