Digging Into The New Legislation
Tax reform legislation was officially passed by the House of Representatives in a 224-201 vote on Wednesday after being approved by the Senate in the early hours of Wednesday morning. The Tax Cuts and Jobs Act will be the largest one-time tax reduction in U.S. history, cutting an estimated $1.46 trillion in overall tax collections by the government. Perhaps most noteworthy for small businesses and corporations is that the Republican bill will cut corporate tax from 35 percent to 21 percent.
CRN sat down with Alan Weinberger, a lawyer, and chairman and CEO of The ASCII Group, an organization that provides business-building tools to 1,500 VAR and MSP partners throughout North America, to learn about what the latest legislation will mean for the channel.
Here are five details that solution providers need to know about the freshly-passed Tax Cuts and Jobs Act.