United States: What will happen to the biggest, best tax plan ever?

WLY2018 - US Taxjpeg

By Denise L. Blau, Vedder Price P.C.

The 75,000 pages of US federal income tax laws and guidance are the result of decades of legislation which tries to direct all kinds of social and economic objectives, including incentivising US taxpayers to engage in equipment leasing transactions (among other things, as a result of a very high US federal corporate income tax rate, depreciation write-offs, and interest deductions for leveraged investments).

Unfortunately, some of that legislation was enacted without consideration of “how the pieces of the puzzle fit together.” Not taking into account how the pieces of the puzzle fit together has resulted in the US federal income tax laws and guidance being complex and confusing. And the complexity and confusion has imposed an enormous burden on US taxpayers who need to comply with such laws and guidance in order to avoid the imposition of substantial penalties and, in some cases, interest on late payments.

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As published in World Leasing Yearbook 2018

 

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