GOP tax plan

Associated Press

Multiple news agencies report Tennessee Senator Bob Corker has sent a letter to Utah Sen. Orrin Hatch asking how and why a provision was included in the GOP tax bill that could benefit Corker and President Donald Trump.  The International Business Times first reported the provision that would reduce taxes on income from real-estate LLCs.  Corker and President Trump own a large amount of real estate.  

Jeremy Loeb/BPR

The Washington Post published an article this week looking at North Carolina's moves on taxes in recent years for clues to how the GOP tax plan making its way through Congress could impact the country.  BPR's Jeremy Loeb was joined by WUNC capitol reporter Jeff Tiberii and Western Carolina Univeristy political scientist Chris Cooper for a discussion of North Carolina's example with regards to taxes.

YouTube

Senate Republicans in Congress could vote on their version of tax reform as soon as this week.  If the Senate bill passes, it would need to be reconciled with the House version and then voted on again.  There are still a number of Senate Republicans who have expressed reservations.  They can only lose two votes for the bill to still pass without any Democratic support.  BPR's Jeremy Loeb discusses its impact in Western North Carolina with NC State University economist Dr. Michael Walden.

The U.S. House Republican's version of the Tax Cuts And Jobs Act threatens to eliminate a major tax benefit for graduate students. Now some area graduate students are speaking out against it.

National Trust for Historic Preservation

A House GOP tax plan working its way through Congress would have a huge impact on Asheville with the elimination of the federal historic tax credit.  Of all North Carolina municipalities, only Durham had more projects benefit from the credit between 2002 and 2016, according to the D.C. based National Trust for Historic Preservation.  

Duke University's endowment could take a hit if the Republican tax plan passes. The bill includes a new excise tax on universities whose endowment fund is valued more than $100,000 per student. That could amount to a $10 or $15 million annual tax for the university, according to Duke spokesman Michael Schoenfeld.