Analysis

Tax Bill Like ‘Manna From Heaven’ For Work-Hungry Firms

Law360, Washington (December 20, 2017, 3:20 PM EST) -- While the Republicans’ tax bill heads to President Donald Trump’s desk after receiving final approval by Congress, tax attorneys already are salivating over the work the legislation promises to deliver.

The House on Wednesday passed H.R. 1, which touches on nearly every sector of the economy and would significantly alter the structure of the tax system for the first time in more than 30 years. Trump is expected to sign the legislation soon.

Among other things, the bill would lower the corporate tax rate to 21 percent; provide for a 20 percent deduction for pass-through entities, with complex rules to prevent...

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