How to Plan for a Trump Presidency

trump presidency

How to Plan for a Trump Presidency

Did you hear the news? America has elected Donald Trump as the nation’s 45th president. So, unless you’ve been in a coma or hiding out in a cave in the middle of nowhere, then you already know that. It’s also very likely that you’ve already started to wonder how this unbelievable chain of events is going to affect you, including what it will mean for your taxes. While it’s true that your tax situation will likely be different a year from now, it will take some time to figure it all out. However, you can still start to plan and prepare for a Trump presidency, regarding your taxes

What to Prepare for

There’s little doubt that president-elect Trump, together with Congress, will act fast to change the nation’s tax system dramatically as soon as he takes office early next year. To see what some of those change will likely click here. In the meantime, the real question becomes what can you do to be ready for the changes? Let’s take a look.

Consider Deferring Income – in any given year deferring income to the following year can be a good move, but this year, in particular, it could pay big dividends. That’s because Trump wants to cut our current seven tax brackets down to just three. For many, especially the top earners that would mean significant savings: going from 39.6 percent to just 33 percent. The key is determining where you are currently as opposed to where you would be after the changes. Some people will actually end up paying a higher rate.

Time Sell Investments? – Although Trump has stated he would keep the current rates for capital gains of 0 percent, 15 percent, and 20 percent, there are some that currently pay 15 percent that would be bumped up to the 20 percent rate. That’s because Trump’s top bracket starts at $127,500 for singles and $255,000 for married filing jointly.

Consider Your Employment – Trump‘s plan would make all business income of a taxpayer taxed at 15 percent. Essentially, that means you could change your status as an employee to an independent contractor or consultant and be taxed at a flat 15 percent rate instead of a much higher 25 percent or 33 percent.

Time to Give Some Away – Trump has proposed limiting itemized deductions to $100,000, which could greatly affect the wealthy, who can itemize as much as $250,000 for singles and $300,000 for married filing jointly currently. Therefore, now might be a good time to make large charitable donations, as next year you likely won’t receive nearly as much in deductions.

Wait Till Next Year for New Business Assets – If you own a business don’t buy new assets until 2017. The reason? Trump says he wants to allow 100 percent expensing of all assets, without limitations. That means your business deductions could go a lot further starting next year instead of having to deduct the cost of assets over many years.

Don’t Die This Year – Trump has also stated that he wants to eliminate the estate tax, so by putting off death till at least next year, your beneficiaries would benefit even more.

We hope you found this article about “How to Plan for a Trump Presidency” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio is a proud sponsor of The American Dreams Show.



The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4 (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

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