Daily Tax Report ®

HILL TAX BRIEFING: Talk of Tax Hike Draws Corporate Attention

Feb. 14, 2020, 11:04 AM

Companies are grappling with the fact that one of the centerpieces of the 2017 tax law—a lower corporate rate—may not last forever.

Increasing the rate is already on the minds of the 2020 Democratic hopefuls and top House Democrats like Ways and Means Committee Chairman Richard Neal (Mass.), who acknowledged as much during a hearing Tuesday.

The tax law cut the rate to 21% from 35%. But the law’s impact on government revenue may be a reason for an eventual rate increase. The Joint Committee on Taxation projected the cost of the corporate rate cut to be $1.35 trillion...

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