Pat Tuley in American Banker: Three Looming Worries for Bankers in Final Tax Reform Plan
PKM Tax Partner Pat Tuley quoted in American Banker, December 18, 2017
WASHINGTON — Congress is close to the finish line in passing a major tax overhaul, and bankers are still clear winners from the compromise worked out between House and Senate negotiators. But the bill also still includes some caveats that might give certain institutions pause.
The centerpiece of the final reform bill, which was unveiled Friday and which Congress is expected to pass later this week, is a reduction of the corporate tax rate from 35% to 21%. The lower rate will provide a sudden boost to banks’ bottom line.
“All things considered, banks are decidedly and unambiguously one of the clearest beneficiaries of the GOP tax reform package,” Isaac Boltansky, an analyst at Compass Point Research & Trading, wrote in a note to clients.