HOT WIRE: The Impact of U.S. Tax Reform on Small Business
The Impact of U.S. Tax Reform on Small Business
Tax reform was a notable economic development in 2018, with changes to the codes for both corporate taxes and individual income taxes receiving substantial coverage in the mainstream press. We now have evidence confirming that these tax code changes did have a positive impact on the economy, extending the Phase B, Accelerating Growth, trend by approximately six months. We also have evidence that the boost from tax reform is waning; we will not likely see the same impact on the economy in 2019.
One important component of last year’s tax reform received relatively little attention, even though it affected a great deal of small businesses and individuals in America. This critical piece focuses on qualified business income (QBI) deductions. A body of evidence, some of which is provided below, shows that.... [read more]
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