House Republicans on Thursday unveiled a sweeping overhaul of the nation's tax code, slashing the corporate tax rate, eliminating scores of smaller deductions, and collapsing the number of individual tax brackets. (cnbc.com)
A variety of other, much smaller deductions, like the medical expense deduction and the property casualty loss deductions, are repealed. (vox.com)
Taking the cost of the equipment as an immediate expense deduction allows the business to get an immediate break on their tax burden whereas capitalizing then depreciating the asset allows for smaller deductions to be taken over a longer period of time. (investopedia.com)