The tax reform plan recently unveiled by the White House includes provisions relevant to U.S. aggregate operations, says the National Stone, Sand & Gravel Association (NSSGA).
“The administration seeks to lower the corporate tax rate on small businesses, specifically, so that they have an ability to expand their operations, increase wages and even hire additional employees,” NSSGA says.
According to the association, the Trump administration’s proposed plan:
- Limits the maximum tax rate for small and family-owned businesses conducted as sole proprietorships, partnerships and S corporations to 25 percent, significantly lower than the top rate that these businesses currently pay.
- Reduces the corporate tax rate to 20 percent, which is below the average of industrialized nations.
- Allows (for at least five years) companies to expense haulers, loaders or other depreciable assets bought after Sept. 27, 2017.
- Eliminates the death tax and alternative minimum tax, which requires people to do their taxes twice.
- Ends incentives to ship jobs, capital and tax revenue overseas.
NSSGA, as well as Pit & Quarry, will monitor and report on the tax reform debate in Congress.
