Advertising is 100% Deductible. For Now. (Just wait) MAGA!

[goldenequity]

As you read this, the “Big Six” are meeting to discuss which deductions to keep or eliminate

As substantial “pay-fors” such as the border adjustment tax begin to fall out of the public’s favor,
some in Congress have begun to look at provisions from Dave Camp’s 2014 tax reform proposal as a blueprint for replacement.
Camp’s proposal would have changed the tax treatment of advertising
from a normal, 100 percent deductible business expense
to one that is only 50 percent deductible,
with the rest being amortized over the course of a decade.

here (http://truepundit.com/republicans-toy-with-a-misguided-tax-on-the-first-amendment/)

(that ought to really stimulate small biz growth huh. :rolleyes: )

[timosman]

Who is the "Big Six"?

[Zippyjuan]

Look for any attempts to change the tax code to be met by tons of lobbyists. Thought getting a healthcare bill through Congress was tough?


https://www.forbes.com/sites/beltway/2017/07/27/white-house-and-hill-gop-leaders-kill-border-tax-disclose-few-other-tax-bill-details/#2a8636724d43


White House And Hill GOP Leaders Kill Border Tax, Disclose Few Other Tax Bill Detail

In a joint statement, top Trump Administration officials and congressional Republican leaders formally announced what most observers have known for months: The destination-based cash flow tax is dead.

At the same time, the group, which has been quietly negotiating a tax bill behind closed doors for weeks, laid out a broad outline of its goals for a tax bill that includes a long list of sweeteners but says nothing about how they’d be paid for. The group did not even say whether it backed a net tax cut or a bill that would raise the same amount of money as the current tax code.

The group included House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steve Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX).

The statement said the group’s goal is to “protect American jobs and make taxes simpler, fairer, and lower for hard-working American families.” In addition, it called for:

“a lower tax rate for small businesses so they can compete with larger ones, and lower rates for all American businesses so they can compete with foreign ones. The goal is a plan that reduces tax rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas.”

However, the group said Congress should meet those goals without enacting a border adjustment tax: “While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform.”

The six paragraph document was as interesting for what it did not say as for what it did.

It set no targets for either individual or business tax rates, never explicitly said that the rate on pass-through businesses such as partnerships should be the same as rates for corporations (a top Trump goal), said nothing about the fate of the corporate interest deduction, and was silent on how a tax bill would address other business and individual tax preferences.

The statement called on committee action on a tax bill “this fall” but did not set a timetable for final congressional approval. It also tendered a bit of an olive branch to Democrats, saying, “As the committees work toward this end, our hope is that our friends on the other side of the aisle will participate in this effort.”

If the document is a true representation of where talks among Republican leaders stand, it seems that they have a long way to go before they can produce any major tax legislation.



Like healthcare, all discussions are currently behind closed doors. Like that series of bills, the idea is to avoid debate and criticism of any parts of it until the last minute.


"We don't want to be negotiating the tax bill on the floor," Cohn said

[NorthCarolinaLiberty]

Look for any attempts to change the tax code to be met by tons of lobbyists.

Just lobbyists? No, it's not just abstract, faceless beings. No, I will include people like you. I will include those whiners who think they're entitled to tell an employer to not only what to pay, but have to gall to think that salting fries should pay $15 per hour. I will include your whiny contingent of people who demand that others pay for their health care. There is an entire laundry list.

[goldenequity]

Who is the "Big Six"?

The so-called big six —
Mr. Ryan; Representative
Kevin Brady of Texas, the House Ways and Means Committee chairman;
Senator Mitch McConnell of Kentucky, the majority leader;
Senator Orrin G. Hatch of Utah, the Senate Finance Committee chairman;
Steven Mnuchin, the Treasury secretary;
and Gary D. Cohn, the National Economic Council director