Significant policy changes are often expected with a change in presidential administration – especially if the other political party is elected into power. However, new tax policy proposals are rarely enacted into law in their proposed form. 预计今年也不会有什么不同, but it’s unclear whether or not the tax reform provisions proposed by president-elect Trump will be enacted into law in their current form.
中产阶级税收减免和简化法案
President-elect Donald Trump will take the oath of office on Jan. 2017年，20岁，成为45岁th 美国总统. He has outlined his priorities for his first 100 days in office, and one of the many priorities he identified is the introduction and support of tax reform legislation. The provisions specific to tax reform are referred to as “中产阶级税收减免和简化法案.”
While Americans are faced with this tax policy that seems to lack clarity, it is clear that Trump intends to reform the tax code in its current form rather than attempt sweeping reform by moving toward a consumption-based or other tax regime. The lack of clarity is largely driven by the reduced focus on tax policy proposals by either candidate over the course of their campaigns. There are currently two tax proposals circulating with fundamentally the same goals: the Trump proposal and the House GOP proposal. Below is a brief overview of provisions specific to Trump’s tax policy proposal:
特朗普的主要税收条款
- 税率
Trump’s proposed tax rate changes are certainly the most well-known provision of his tax reform proposal. 营业税改革提案包括 一种税率为15% 与现行法律规定的七档相比. 目前最高的企业税率是35%. Trump also proposed a full repeal of corporate alternative minimum tax (AMT).
Paired with the change in rates is a proposed change in permitted deductions and credits. Trump’s plan would eliminate most corporate deductions and credits including the qualified production activities deduction (Sec. 199). 他特别保留的一个信用是R&D信贷.
- 透传的税收
Trump’s proposal includes a single tax rate for passthrough income at 15 percent. The application of this provision is widely unclear and calls for clarification have gone unanswered. What is known is that Trump has proposed a tax passthrough income at a rate much lower than the top 39.6 percent individual ordinary rate that passthrough income is currently subject to, 这取决于个人业主的税务状况. 目前尚不清楚的是，这项税收将如何实施.
特朗普在竞选期间的言论, 后来他的工作人员澄清了这一点, seem to point to a corporate-type taxation on passthrough entities in order for them to take advantage of the lower rate. Of course this is unattractive to current investors and owner-operators as a second layer of tax would apply as with corporate taxation in its current form. Trump has also clarified that anti-abuse provisions will be included related to reasonable compensation. 意图sonable compensation provisions currently exist for S-corporations but do not exist for other passthrough entities. These provisions would require owner-operators to take compensation and would ensure those amounts are taxed at ordinary rates rather than the lower passthrough rate.
- 资产费用化
Changes to the way certain businesses account for capital asset purchases could change with the enactment of the president-elect’s reform proposal. 其中包括一项供美国政府使用的条款.S. manufacturers that would allow them to elect to fully expense all capital expenditures in the year incurred. Along with this would come changes to net operating loss (NOL) provisions to increase the number of years NOLs may be carried forward. The trade off to full expensing is that business interest will no longer be deductible. 制造业 businesses would elect either to deduct business interest OR fully expense capital assets. 选举将在三年后成为永久性选举. It is important to note that the House GOP proposal extends full expensing provisions to all businesses and would allow the full expensing of capital assets in the year of purchase, 不包括土地.
法案还包括增加Sec监管力度的条款. 179 expense limitation to $1 million, a 100 percent increase over the current $500,000 limit. 看来加强了的Sec. 179 provisions and the full expense provisions are in conflict with each other and it is unclear how Sec. 179将在完全费用化的结构中发挥作用.
- 国际
Trump believes the reduction of the corporate tax rate will ensure the success of U.S. 公司在全球范围内. 他的提议包括一项为美国军队提供援助的条款.S. corporations to repatriate earnings at a one-time lower tax rate of 10 percent.
- 平价医疗法案
这是特朗普最著名的竞选焦点, 其次是降低税率, 他承诺废除平价医疗法案(ACA). This would include all taxes associated with the act, comprised of the 3.8%的净投资所得税和额外的0.对工资和自营收入征收9%的医疗保险税. The repeal would also remove penalties on individuals and businesses for failure to procure health insurance and failure to offer affordable health insurance, 分别. Finally, the Cadillac tax and medical device excess tax would also disappear.
The overview of President-elect Trump’s tax reform provision proposal above is based on what we know today when looking at what he laid out both in his campaign and in recent weeks as he prepares to take office. 随着对这些拟议改革的了解越来越多, we will be sure to communicate any changes that may affect you and your business.
By Christopher Axene，注册会计师 都柏林(办公室)