corporations, which are currently taxed at 35% on marginal profits. In the future, they'll be taxed at 20%. But, they'll lose some undetermined loopholes.
Don't hold your breath. All that talk about closing corporate loopholes was just smokescreen. As far as I can tell, nothing about the corporate tax code changes at all, except slashing the rate to 20%.
The carried interest loopholes stayed.
All of the oil and gas loopholes stayed.
The offshore income loopholes stayed.
The capital equipment write-offs stayed, and were even expanded.
The credit union exemption stayed
The medical and pharma exemptions stayed.
Really, I don't see any corporate loopholes closed at all. Under the current system, US corporations have a nominal 35% rate but pay more like 18.5%, after loopholes. So they shelter about 16.5% of their income? If they still get to do all of that, but the nominal rate is now 20%, doesn't that mean that the effective 2018 corporate tax rate can be expected to be 20-16.5 = 3.5%? How can Treasury possibly justify cutting revenues from 18.5 to 3.5%?
Ooooooh right, they raised income taxes on middle-class individual consumers. Well, that makes me feel much better now. Tax people more so that you can tax businesses less, but blow up the deficit while you're at it? Is that what Republicans are selling these days?