Trump Tax Proposal | Accounting and Tax Updates

Trump Tax Proposal

Few days ago, President Trump announced 2017 Tax Reform for Economic Growth and American Jobs which will make significant changes to current tax laws. Below are the key changes. Call us today to discuss how these changes might impact you.

Individual Reform

* Reduce the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%
* Double the standard deduction allowed on individual tax returns
* Provide tax relief for families with child and dependent care expenses
* Eliminate targeted tax breaks while protecting the home ownership and charitable gift tax deductions
* Repeal the Alternative Minimum Tax
* Repeal the death tax
* Repeal the 3.8% Obamacare tax

Business Reform

* Reduce business tax rate to 15%
* Establish territorial tax system to level the playing field for American Companies
* Enact one-time tax on US dollars held overseas
* Eliminate tax breaks for special interests

These tax reforms will impact everyone. For some, it will increase taxes, while provide tax breaks for others. Start planning today so you can maximize your deductions when the tax reform becomes law.

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