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U.S. House tax chief: Tax bill will be revised to bring deficit to within $1.5 tln ceiling
House Ways and Means Committee Chairman Kevin Brady delivered his comments on the latest version of the tax bill, with key quotes, via Reuters, found below.
- Tax bill's 20 pct corporate income tax rate is permanent.
- Tax bill sets corporate profit repatriation rates of 12 pct for cash equivalents and 5 percent for illiquid investments.
- Tax bill sets 10 percent minimum tax on foreign profits of U.S. corporations.
- Initial tax bill adds $1.51 trillion to federal deficit over decade, outside budget limit.
- Tax bill will be revised to bring deficit number to within $1.5 trillion ceiling set by FY'18 budget.
- Tax bill sets individual bracket household income levels as follows: 0 pct up to $24,000; 12 pct to $90,000; 25 pct up to $260,000; 35 pct to $1 mln; 39.6 pct at over $1 mln.
- Tax bill allows small businesses to retain full interest deductibility on up to 30 percent of taxable income.
- Tax bill exempts businesses of up to $25 mln in gross receipts from any change in interest deductibility.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
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