The most significant changes from the 2018 tax bill under President Trump impacted corporations. The significant benefits to corporations included the following: a reduction in the statutory corporate tax rate from 35% to 21%, 2) capital spending (spending on property, plant, and equipment) could be immediately expensed rather than depreciated, and 3) the taxation of […]
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Beginning in 2018, tax law changed under President Trump, with the most significant changes and reductions occurring to corporate taxes. The new tax law keeps the seven tax brackets that existed under President Obama, with the bracket amounts adjusted slightly. However, the tax rates that apply to each tax bracket were generally reduced. This was […]
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How did income tax rates change under President Obama relative to President Bush? The answer is: not much, except for the tax rate that applied to the highest income bracket. The tax rates that were in effect under President Obama were generally derived from the “Bush Tax Cuts” that were implemented in 2003. Under President […]
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