President Trump’s Corporate Tax Plan Could Be a Big Win for Local Retailers
We’re not about to claim to be tax code experts here at Dealerscope, but when news comes out of Washington that a proposed major overhaul to the nation’s federal tax document could impact everyone from major corporations to local mom-and-pop businesses, our ears are going to perk up.
On Wednesday, President Donald Trump is expected to announce his first shot at picking apart and rebuilding the U.S. tax code, a portion of which includes slashing the business tax rate from more than 35 percent down to 15 percent. The new rate would apply not only to corporation but also to companies that currently pay taxes through the personal income tax code, according to a New York Times analysis.
Additionally, the new tax structure would increase the standard deduction for individuals, a move that is aimed at simplifying the filing process while also giving a slightly larger cut to a fair-sized portion of the middle class.