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Brooke DiPalma

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Americans are applauding the Internal Revenue Service’s extension of Tax Day to July 15 as confirmed cases of the new coronavirus, or COVID-19, reach nearly 600,000 cases in the U.S.

And Americans may see more tax changes ahead after the global pandemic subsides, Todd Simmens, Rutgers Business School Professor, told Yahoo Finance’s On The Move last week.

“There is interest in both parties in doing continued tax legislation, there always is … I think that even before the pandemic, the administration was talking about additional cuts,” he said.

Speaking to Yahoo Finance, Simmens suggested that there’s room for further cuts even after President Donald Trump signed tax legislation in 2017 that marked the biggest change to the tax code in 30 years. Among many provisions, that law notably lowered the corporate tax rate from 35% to 21% and capped state and local tax deductions for individuals.

“Going back to 2017, when we had the Tax Reform Act then, both parties would say there’s more work to do and I think that will be front and center” following the end of the COVID-19 outbreak, Simmens said.

Author: Brooke DiPalma

Source: Finance. Yahoo: Tax cuts will be ‘front and center’ after the coronavirus crisis, expert says

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