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FBN’s Rich Edson on Congressional efforts to overhaul the corporate tax code and to improve the economic environment for business.
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So it is no secret that the US has the highest corporate tax rate in the developed world politicians make it sound so easy when they say things like.
-- to overhaul the tax system.
Both sides of the aisle are fighting close the loopholes but the -- is that benefit the most also stand to lose a lot of money.
Here with -- -- FBN's own rich -- -- to make -- sense of who wins and who loses and how this battle is expected to play out.
Rich and good evening Melissa and you know it's about time congress over all the corporate tax code it has been a generation and by one count.
Congress has added a few thousand to tax preferences since that mid 1980s reforms top congressional Republicans in governor Mitt Romney.
Say they support lowering the top corporate right.
To 25%.
That's a drop of ten percentage points to get there and ensure the federal government is making as much money.
Off of corporations as it is now congressional analysts say lawmakers will have to remove about a trillion.
Dollars worth of tax deductions over a decade.
To accomplish that congressional aides say congress needs to target the most popular tax deductions like.
Changing -- -- county deduction companies use for large business purchases another for research expenses.
A deduction for producing in the United States and that's manufacturing software construction engineering oil and gas firms they all use that one.
There's also an accounting method for inventory that saves businesses.
Billions on their tax bills called life flow and a deduction for investing in low income housing.
One tax aide says congress could also consider reducing dozens of deductions insurance companies use.
And to cut interest deductions that's a major concern for private equity.
Democrats Republicans and outlined a overhauling the system mostly missing from these proposals Melissa.
Which of these deductions are going to go of course we're gonna figure that one out after the election.
Doubt no doubt you.
That's the big fight -- -- rich thanks so much so what about.
