HOUSTON, Oct. 16, 2017 /PRNewswire/ -- alliantgroup Senior Vice President and former U.S. Congressman Rick Lazio was interviewed by Bloomberg Radio last Friday to discuss the tax reform framework released by the administration and the tax-writing committees.
During the interview, Lazio laid out the plan's main policy proposals, highlighting a number of provisions designed with the intent of simplifying the tax code and stimulating economic growth. Specifically, the former congressman elaborated on core elements of the plan such as reducing corporate and business tax rates, collapsing marginal tax rates from seven to four brackets, and the impact of a territorial tax system and repatriation in driving business investment.
Additionally, Lazio discussed the various trade-offs that would be needed to pay for the rate reductions, such as the removal of a number of incentives and deductions. However, during the interview he emphasized the importance of certain incentives, such as the Research and Development Tax Credit, that would remain part of the tax code and encourage business investment—and by extension, broader economic growth.
"The major culprit, in my belief, is that business investment has been holding down productivity and GDP growth," said Lazio. "The best way to get at this is to incentivize more business investment. That's partly through things like the Research and Development Tax Credit and other business incentives as well as expensing equipment, factories and the kind of things we want businesses to invest in that ultimately lead to hiring more people and paying their workers more in salary."
"Rick is a leading expert in the areas of economics and tax policy and has always been a true champion for small businesses and American enterprise," said Dhaval Jadav, alliantgroup CEO. "I encourage everyone to listen to his insights on policy and on what we can expect from our elected officials in the next few months."
alliantgroup is a premier tax consultancy and the nation's leading provider of specialty tax services. The firm specializes in helping U.S. businesses and their CPA advisors properly identify and claim the federal and state tax incentives designed for their benefit. Headquartered in Houston and with offices in Chicago, New York, Irvine, Sacramento, Orlando, Indianapolis and Washington, D.C., alliantgroup has helped over 12,000 American businesses claim more than $6 billion in government-sponsored tax credits and incentives. For more information, please follow us on Twitter, LinkedIn and Facebook.