Lawmakers Are Teasing Another Tax Cut
Are more tax cuts on the way?
Recently, President Trump suggested as much on the campaign trail. But timing seems to be key — and in question. Because even if lawmakers back the proposal, nothing can happen before the midterms as Congress will remain in recess through Election Day.
However, U.S. Treasury Secretary Steve Mnuchin has also been making noise about an additional tax cut. According to reports, he’s been meeting with Representative Kevin Brady of the House Ways and Means Committee on the issue. When interviewed, the cabinet member explained that it “would be different than what the House had already passed,” stressing that any new cuts would be “in addition … not instead of.”
Both Trump and Mnuchin say that the possible future adjustments are meant for the middle class.
Last year’s tax cuts saw the corporate rate slashed from 35 to 21 percent and the pass-through deduction set at 20 percent. The bill also included deduction threshold increases, like doubling the equipment right-off.
Connect With An Illinois Tax Lawyer
Yes, the new tax code is controversial. But whichever side of the aisle you stand, you owe it to yourself to take advantage of the available deductions and credits. We’ll guide you through that process.
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