Tuesday, July 16, 2024
Home Economic Trends There is no need to extend the corporate tax cut because it has no deadline.

There is no need to extend the corporate tax cut because it has no deadline.

by xyonent
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Corporate Tax Rates History.png

On the Marginal Revolution, by Tyler Cohen Quote From the news article Financial Times:

“Trump’s return to the White House has several investment implications,” said Jack Ablin, chief investment officer at Cresset Capital.[Most notable would be] With monetary policymakers increasingly likely to extend the corporate tax cuts into next year, the Fed will likely keep interest rates higher for longer.”

Did you notice the error in the Jack Ablin quote? Neither did Tyler, nor, as far as I can tell, did many of the people who responded to his comments.

The corporate tax cut, if you mean lowering the corporate tax rate to 21%, doesn’t expire next year, so there’s no need to extend it next year. This is the only part of the 2017 tax cut that’s permanent, unless Congress explicitly changes it. And that’s a good thing, because it’s one of the best parts of the 2017 law. (The other is the limit on state and local tax deductions, which expire next year.)

I have seen some people online arguing that the corporate tax rate cut is temporary. reason The writer who made the claim has updated their post to reflect the truth.

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