Sentences with phrase «lower their tax bill under»

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT: They «re calling it the great conversion, taxpayers turning themselves into limited liability companies and S - corps in order to lower their tax bill under the new tax law.

Not exact matches

The tax bill lowers the corporate tax rate from 35 % to 21 %, eliminates the penalty under the Affordable Care Act for failing to have health insurance, a narrower estate tax, and cuts the top effective marginal tax rate for S corporations to a top rate of 29.6 percent, among other measures that gives the biggest breaks to the wealthiest individuals and companies.

The bill's passage also potentially complicates Treasury issuance relative to the debt ceiling, as lower tax receipts under the new tax plan could cause Treasury to run out of extraordinary measures earlier than originally thought.

Observation: Although the standard deduction increases for all taxpayers, because of the increase in the bottom tax rate from 10 % to 12 % and the elimination of personal exemptions, some lower income taxpayers could see a small increase in their tax bills under the Trump tax plan.

The highest - earning Americans will get a lower tax rate and corporations will pay slightly more than in previous plans under a deal House and Senate Republicans reached on the party's competing tax - overhaul bills.

Under the bill, companies that domestically manufacture products based on U.S. patents will pay a lower corporate tax rate — 15 percent compared to the usual 35 percent.

The Bills also repeal the tax haven addback found under Oregon Revised Statutes section 317.716 and require the Department of Revenue to evaluate the efficacy of including global intangible low - taxed income (GILTI) under IRC § 951A in the state tax base in comparison to Oregon's now - repealed tax haven addback, with a report to be issued on or before December 1, 2020.

Under the old code, a household's income received tax relief through divorce because the higher - paid earner (typically, with the bigger tax bill), is transferring income to the lower - paid spouse, (who often has a less burdensome tax rate).

«REALTORS ® believe in the promise of lower tax rates, but this bill is nowhere near as good a deal as the one middle - class homeowners get under current law.