That's a damn shame.
Damn shame.
It’s the AMT that I commented on the in the last thread.
The house bill removed the AMT (which is 20%) allowing corporations after deductions to go far below 20%.
The Senate bill added them back in; sans deductibles. Was one of those margin squiggles at the zero hour, in order to finance “payouts”.
So now they’re capped at 20% minimum, (as it is currently written in the Senate bill). Which for several corporations in many industries equates to a tax increase.
Which is hilariously amateurish of these politicians who bum rushed this bill through the Senate to appease their donors.
Their plan was to reconcile both the House and Senate bill and have it signed by Trump before Christmas. Now they’re going to have to re-draft large swathes of legislation and more than likely won’t get ratification until sometime next year.