Good morning. The corporate tax provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire this year. And Pascal Desroches, AT&T’s CFO and senior executive vice president, says that’s a cause for concern.
President Trump will need to extend the provisions in of the TCJA, the signature tax law of his first term, by the end of 2025. If the law expires, it will mean changes to the corporate tax rate, capital expensing, the pass-through income deduction, and international taxation. Notably, it would bring an end to the TCJA's corporate income tax reduction, which dropped rates from 35% to 21%. It also capped deductions for state and local taxes at $10,000, doubled standard deductions, and expanded the child tax credit, according to Bloomberg Government.
