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New Administration Likely to Change Tax Code

by Ken Root

Thanks to RFD-TV for this audio.

Listen Here: Profit Matters 11-21-16

Come January 20 new tax changes will be made by the Trump Administration. A noted legal and tax analyst says there will be changes favorable for business and farmers, but repeal of the estate tax may not work out as well.

Dr. Roger McEowan has relocated from Iowa State University to the Washburn School of Law in Kansas. He spoke with RFD-TV about his views on tax changes coming in the year ahead.

“Some of the big ones would be a significant cut in the corporate tax rate and that corresponds with U.S. House Weight and Means committee blueprint for tax reform that was released this past summer. So, I think we’ll see a significant cut in the U.S. corporate rate. I do think we will see a reduction in the top individual income tax bracket and fewer brackets that we’ve had in the past,” said McEowan.

He was asked if he thought the congress would repeal Obamacare. Dr. McEowan said,
“I do in the short term. I think that will happen quickly, if needed. On the senate side you have to have 60 votes to clear the senate, but if needed the senate leadership can use the reconciliation process to avoid the 60 vote requirement. Now, that would repeal the numerous taxes that are contained in the healthcare law.”