The U.S. House of Representatives released the bill, called The Tax Cuts and Jobs Act proposal, last week, revealing that two major industry tax breaks — the like-kind 1031 exchange and the carried interest tax break — have been preserved.
The like-kind exchange allows businesses to save millions by trading in older assets for something new, while the carried interest tax break is used by financial managers to cut their tax rates in half. It was originally put in place to incentivize long-term investment, CNBC reports...
...moreRSK: We won`t really know until or if the Tax Bill is passed. My CPA isn`t even sure how it will affect me. I am sure it won`t be good.
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- - Volume: 5 - WEEK: 46 Date: 11/14/2017 7:58:50 AM -