Business owners and investors who are concerned about what the Trump administration’s proposed tax overhaul would do to their businesses will be given the cold shoulders from Congress.
The bill is set to receive a vote Thursday in the House, but Republican leaders have vowed to move quickly on the legislation and the president is expected to sign it.
If Congress doesn.t approve the bill, the measure will become law.
The business lobbying group the American Enterprise Institute said Tuesday that the measure “would dramatically reduce tax incentives for businesses to relocate, expand and expand in the United States.”
The bill would also allow businesses to write off business losses incurred as a result of tax changes.
It would cut the corporate income tax rate from 35 percent to 20 percent, with the top rate going up to 35 percent and the top individual rate going to 39.6 percent.
It also would eliminate the estate tax.
The legislation would also dramatically reduce business incentives for employees to relocate to the United State, according to the think tank.
The bill calls for an elimination of an annual deduction for business owners that would allow businesses such as hotel chains and restaurants to keep the cost of their products in their home country.
The deduction would apply to the cost they pay to ship their products to customers, but it would not apply to employees.
It would also eliminate the deduction for businesses that pay taxes in foreign countries, eliminating the incentive to do so.
The measure would also repeal a requirement that companies file quarterly financial reports.
Instead, companies could file quarterly reports with the Internal Revenue Service.
This would be in addition to the requirement for quarterly financial reporting currently included in tax returns.
The tax reform bill would allow the IRS to waive some tax rules that require companies to disclose the amount of money that they owe on a particular tax bill.
The provision was first enacted in 2010 and has been in effect since 2009.
It allows businesses to deduct money paid to workers for goods and services that are not paid to employees, including the cost paid to suppliers.
It also would allow for the deduction of wages paid to qualified contractors and for the reduction of taxes paid to the federal government.