James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Federal Business Tax Overhaul Could Fund Infrastructure Projects
Author: James F. McDonough
Date: March 11, 2014
Key Contacts
Back
President Barack Obama recently announced a four-year, $302 billion transportation bill to repair the nation’s aging roads, rails, bridges and tunnels. According to The New York Times, one method Obama plans to use to fund this initiative is a business tax overhaul.
In the State of the Union Address, Obama said he would use the money from the tax changes to “create jobs rebuilding our roads, upgrading our ports, unclogging our commutes, because in today’s global economy, first-class jobs gravitate to first-class infrastructure.”
The proposal would help avoid repeated short-term extensions that many construction projects have experienced in recent years, and would help protect 700,000 jobs, according to USA Today.
Changes to b that would help fund the infrastructure projects would include closing tax loopholes, lowering tax rates and making the corporate tax system more fair, the Department of Transportation said.
Some businesses may not be happy with the government closing tax loopholes, as this could mean they have higher tax bills. However, lowering rates could help ease the pain of this move.
Raising the gas tax was also explored, but Obama believes the corporate tax overhaul should be enough to fund the projects. The gas tax currently sits at 18.4 cents per gallon, and hasn’t been increased since 1993. This brings in about $39 billion annually, which, alone, isn’t enough to fund infrastructure projects.
One of the biggest benefits that could be experienced by this move is the protection of jobs. The White House said more than 700,000 jobs could be put in jeopardy is these projects aren’t properly funded.
- Practices: Tax, Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.