Following the Trump Tax Plan

There has been much talk about changes to the tax code under the Trump administration. Here are some of the possible tax changes that the new administration is proposing for 2017. The top ordinary income tax rates of 35% and 39.6% would be removed lowering the highest rate to 33%. A repeal of the Affordable Care Act would lead to an immediate tax cut of 0.9% for high-income earners (wages exceeding $250,000 for couples; $200,000 for singles) as well as elimination of the 3.8% investment surtax. The proposed plan would also eliminate the Alternative Minimum Tax (AMT) and reduce corporate tax rates, just to name a few possibilities. The final laws will probably not be known for some time in 2017 but rest assured our Firm continues to monitor the tax landscape and are prepared to react accordingly to minimize taxes for our clients and their businesses.

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