Tax reform law will boost industry but worries higher ed officials

Abstract

The most sweeping overhaul of the U.S. tax code in 31 years was signed into law by President Donald J. Trump on Dec. 22, 2017. The bill (H.R. 1) includes a number of provisions long sought by the chemical industry, such as slashing the corporate tax rate from the current 35% to 21% and taxing U.S.-based multinationals only on their domestic income. The House of Representatives passed it on a vote of 224-201. “After decades enduring an outdated tax code that made U.S. businesses less competitive, our nation will soon have a modernized tax structure that promotes sustained American economic growth and new jobs,” says the American Chemistry Council, which lobbies on behalf of U.S. chemical manufacturers. The legislation, which the Senate approved on a party-line vote of 51-48, also leaves graduate students largely unscathed by preserving tax-free tuition waivers. A provision in the original GOP House tax plan passed