The good:
Improvement on the treatment of pass-through entities
Preservation of “last-in, first-out” accounting
Repeal of the alternative minimum tax
Progress toward repeal of the estate tax
Some concerns:
The tax reform bill did not fully repeal the estate tax, but instead doubled the exemption threshold to $11.2 million for individuals and $22.4 million per couple. There should never be an acceptable threshold for the estate tax. The long-term goal is and has always been for full repeal. Moreover, most of the tax reform provisions for individuals, including the increased estate tax exemption, currently have expiration dates. There needs to be a push to make these provisions permanent.
The Air-Conditioning, Heating, and Refrigeration Institute (AHRI) has warned that tariffs on steel and aluminium will negatively impact the HVACR industry. In a letter to US President, Donald Trump, AHRI said it was disappointed by the decision to introduce a proposed 25 per cent levy on all steel imports and 10 per cent levy on aluminum. AHRI president and CEO Stephen Yurek, said it will be injurious rather than helpful to members of the group, which represent manufacturers of heating, air conditioning, commercial refrigeration, and water heating products and equipment in the US.
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