Top Republican tax writers went to a national shrine for tax cutters—former President Ronald Reagan’s California ranch—hoping to make a sales pitch for a historic overhaul of the U.S. tax code.
Senior finance professionals want to lower the corporate tax rate, capital gains taxes, and taxes on foreign income, while instituting a carbon emissions tax, according to a survey by the Institute of Management Accountants.
Corporate shareholders shouldn’t expect a big payout if the U.S. moves to a territorial system where multinationals can repatriate their foreign profits without paying heavy taxes on them.
Nearly three-quarters of tax, finance and business professionals are not confident that comprehensive tax reform will be passed in Congress in 2017, according to a recent Deloitte poll, while nearly half are doubtful about tax reform’s prospects.
Republicans struggling to pass a major tax overhaul that doesn’t add to the federal deficit are discussing a kind of compromise: mixing permanent revisions with temporary rate cuts for individuals and businesses.
