THE ACCELERATOR for May 8th, 2017
News for Driving Economic Growth
WHITE HOUSE RELEASES TAX PLAN
The White House plan includes rate cuts and an increase in the standard deduction, with few further details. Read the plan here.
MNUCHIN: “EXPENSING IS IMPORTANT”
Although President Trump’s tax reform plan does not specify the treatment of capital costs, Treasury Secretary Mnuchin told reporters last week that the administration favors some form of immediate write-offs of capital costs. “We do think some level of expensing is important,” Mnuchin said.
CRANE RESPONDS TO FINANCIAL TIMES EDITORIAL
In a response to an FT editorial printed April 18th entitled “America’s Tax Reform Plan Requires a Road Map,” Kevin Dempsey of the American Iron and Steel Institute, a CRANE Coalition member, argues, “…when considering which road to take on tax reform, the US should choose the one that strengthens, not weakens, policies like accelerated depreciation that have been proven to support domestic investment.”
CUTS IN DEPRECIATION DEDUCTIONS “ECONOMICALLY HARMFUL” – SEN. FINANCE COMMITTEE MEMBER PAT TOOMEY.
In an article in Bloomberg View, Senate Finance Committee GOP member Pat Toomey makes the case for avoiding unnecessary budget offsets in tax reform and specifically describes cuts in depreciation deductions as “economically harmful.”
THE ACCELERATOR is the voice of the CRANE Coalition – Cost Recovery Advances the Nation’s Economy. CRANE is made up of American companies and associations focused on preserving a robust system of cost recovery in the tax code to ensure that businesses have the capital needed to continue driving economic growth and job creation here at home. CRANE has sponsored research on the economics and budgetary aspects of cutbacks in cost recovery. As Congress and the administration endeavor to reform the U.S. tax code in the coming months, CRANE will continue to urge the preservation and enhancement of accelerated depreciation. Follow us on Twitter.