Allowing smaller fleets to benefit from lower corporate rate one of many positives
On the surface, many of the nation’s largest trucking fleets woke up happy this morning following President Donald Trump’s proposal to lower the corporate tax rate to 15% as part of his tax overhaul announced Wednesday. Smaller fleets and owner-operators, who make up more than 90% of the nation’s trucking companies, also have reason to cheer because of Trump’s proposed flow-through income tax.
And that is just a small portion of the benefits to those in trucking. It’s important to note, however, that details on Trump’s plan are scarce and many Republicans are not happy with the outline, so whether the plan goes anyway in Congress is very much up in the air.
Still, there are reasons to smile this morning if you work in the trucking industry.
“Most of the C-corp [registered fleets] are in the highest tax bracket so they will see a big [positive] impact,” Randy Hooper, a director with tax firm Katz, Sapper & Miller’s Transportation Group, told FreightWaves.