ASSOCIATED GENERAL CONTRACTORS OF OHIO

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A Look at Tax Reform Proposals Through the AGC Lens

May 04, 2017 9:45 AM | Anonymous member (Administrator)

President Trump recently released his long-awaited proposal to cut taxes. Both Trump's proposal and the previously-released House blueprint for tax reform have commonalities with AGC's goals for tax reform.  There is still a long way to go before tax reform is reality, but AGC believes Republicans in Congress and the President are at a good starting point.

The chart below shows where the president's plan and the House proposal align with AGC's goals (and where they do not).

AGC Tax Reform Goals

Trump Plan Elements

House Tax Plan Outline

Lower Rates Individuals

10-25-35%

12-25-33%

?

Lower Rates Corporations

15%

20% C Corps, 25% S Corps

?

Simplification

Fewer brackets, fewer deductions, repeal of AMT

Fewer brackets, fewer deductions, repeal of AMT

?

Permanency

No

Likely not

X

Fund and Finance Infrastructure

No direct mention

No mention and GOP leadership currently opposed

X

Eliminate AMT

Eliminated

Eliminated

?

Eliminate Death Tax

Eliminated

Eliminated

?

Reform for C Corps and S Corps simultaneously

Yes

Yes

?

 

There is still much work to be done on ensuring Congress connects tax reform with infrastructure investment. Additionally, there is still a lot of fine tuning that must be worked out including, determining whether repeal of the Death Tax will include a step-up in basis or how the president's plan will differentiate between business income and wages. The president's plan also did not specify his position on tax exempt municipal debt.  

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