A split inside the White House helped preserve a loophole that benefits investment fund managers in the tax bill that’s headed for President Donald Trump’s desk—despite Trump’s campaign promise to abolish it.
President Donald Trump signed the Republican tax-overhaul bill to little fanfare on Friday, delivering a major tax cut to U.S. corporations along with a package of temporary cuts for other businesses and most individuals.
President Donald Trump declared that Republicans had passed the largest tax cut in U.S. history and said corporations would no longer relocate their headquarters overseas after the House sent the legislation to his desk on Wednesday.
American Institute of CPAs president and CEO Barry Melancon issued a statement Wednesday following passage by Congress of the Tax Cuts and Jobs Act expressing disappointment that the bill doesn’t give CPA firms the same favorable tax treatment provided to other pass-through entities.
House Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years—hours after the Senate passed the legislation—handing President Donald Trump his first major legislative victory.
A pivotal moment in the Republican party’s drive for tax overhaul legislation came in September, when two GOP senators agreed that tax cuts could add $1.5 trillion to deficits over 10 years, said Senate Majority Leader Mitch McConnell.