"I will give you an out - post the individual provision in the Trump tax cuts that has expired."
From the business roundtable:
Expired on December 31, 2021:
Full Expensing of Research and Development (R&D) Investments
` As of 2022, businesses are required to expense R&D investments over five years rather than in the same year
the investments occurred, which is a damaging departure from 70 years of bipartisan pro-innovation policy.
` The U.S. is now one of only two developed countries without immediate expensing for R&D.
` China is doubling down on incentives to bolster R&D, while the U.S. is making it more expensive.
` More than 10,000 American jobs will be lost each year over the next decade without immediate R&D
expensing.
Expired on December 31, 2022:
Full Expensing of Investments in New Equipment, Machinery and Technology
` Starting in 2023, businesses can only expense 80% of investments in new equipment, falling to 60% in 2024,
40% in 2025, 20% in 2026 and eliminated completely in 2027.
` The elimination of full expensing discourages domestic investment, limiting opportunities for businesses
and workers in the U.S.
` Full and partial expensing has been in the tax code for 21 of the past 23 years and supported by Republicans
and Democrats.
` Permanent full expensing would create 73,000 American jobs.
Expired on December 31, 2021:
Limited Interest Deduction on Earnings Before Interest, Taxes, Depreciation
and Amortization (EBITDA)
` As of 2022, the business interest deduction is restricted to 30% of a company's earnings before interest and
taxes (EBIT) rather than EBITDA. This is a tax increase.
` Switching from EBITDA to EBIT makes it more expensive for businesses to invest in America, resulting in
slower job creation, smaller wage increases and lower overall economic growth.
` The U.S. is now an international outlier on business interest deductibility, with no other developed country
basing the deduction on EBIT.
` Returning to an interest deduction based on 30% of a business' EBITDA would create nearly 10,000
American jobs.
1. 2. 3. Ernst & Young (2019, October). Impact of the Amortization of Certain R&D Expenditures on R&D
"it has as much validity as this."
Really? How many Pulitzer Prizes had it won?