Although a lot of details are still to come, wholesaler group HARDI likes a number of ideas included in the tax plan the White House introduced Wednesday.
President Donald Trump’s proposal to overhaul the tax code would cut the number of federal tax brackets from seven down to three, boosts the standard deduction and child tax credits while repealing the estate tax and the alternative minimum tax aimed at high-income households. It slashes the corporate tax rate from 35 to 20 percent.
“We acknowledge that specific details on the provisions included in the framework are forthcoming, but certain provisions such as estate tax repeal, alternative minimum tax repeal and broad capital expensing are in line with HARDI advocacy efforts,” said Heating, Air-conditioning and Refrigeration Distributors International CEO Talbot Gee. “We are optimistic about the details to come on these provisions and we look forward to working with Congress on a much-needed update to a tax code that has been virtually left unchanged for decades.”
The specific legislation will be drafted by members of Senate and House committees. Dates for hearings have yet to be set.