Trump Administration Proposes Sweeping Tax Cuts

shutterstock_519056959

 

After months of promises, a brutally combative campaign and election, and the first 100 days in office, President Donald Trump and his administration have released their tax plan, which promises to include “the biggest tax cut” in the history of our country, according to Treasury Secretary Steven Mnuchin and National Economic Council Director, Gary Cohn.

While the proposal does make big promises it did not include many specific details. For example, although the administration is promising to decrease the number of tax brackets to three, it did not reveal the planned income levels of those brackets. The plan also promises to change personal tax rates and eliminate many of the deductions that the nation’s wealthiest individuals use, but it was light on details.

On the other hand, some details were revealed, including the plan to greatly reduce corporate tax rate from the current level of 35 percent to just 15 percent. The plan also calls for allowing a pass-through rate for business owners, which would allow self-employed individuals to be taxed at the corporate tax rate instead of the personal income tax rate.

Meanwhile, even though the income levels for the three proposed tax brackets were not revealed the tax rates were: 35 percent, 25 percent and 10 percent. Some of the other significant proposals include:

  • The elimination of the estate tax
  • A one-time repatriation tax
  • Standard individual tax deduction being doubled
  • All itemized tax deductions being eliminated except mortgage payments and charitable donations
  • Repeal the Net investment income tax of 3.8 percent
  • Eliminate the alternative minimum tax
  • Eliminate state and local tax deduction

http://www.businessinsider.com/trump-tax-reform-cut-plan-proposal-2017-4
http://thehill.com/policy/finance/330696-trump-proposes-sweeping-tax-reform

Posted in
The DNA That Drives our Money Behavior with Hugh Massie, Founder of DNA Behavior

The DNA That Drives our Money Behavior with Hugh Massie, Founder of DNA Behavior

Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Hugh Massie. He is the chairman and founder of DNA Behavioral International, and which is focuses on behavior, money insights. And he has also done a lot of tremendous work in, in his life path. And I’m gonna…

Peptide Therapy: Treating the Root Cause, Not Symptoms – Regan Archibald

Peptide Therapy: Treating the Root Cause, Not Symptoms – Regan Archibald

Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Reagan Archibald Reagan. Welcome to today’s show. Regan Archibald So good to be here, Alan. Alan Olsen So in your in your life path can you give the listeners your timeline of how you got to where you…

The Modern NFL Quarterback Market, 3 Views pic2

The Modern NFL Quarterback Market, 3 Views

Written by Ryan Hickman. As we approach the NFL draft, the quarterback market remains volatile.  Many consider Tom Brady to be the greatest football player of all time. Why? As the starting quarterback for the New England Patriots, Brady led their franchise to 6 super-bowl championships before leaving in the 2020 offseason to Tampa Bay…

Five Keys to a Successful Family Business

Five Keys to a Successful Family Business

The Community Leaders of a Family Business (Five Keys to a Successful Family Business) Written by Ryan Hickman. Family businesses have been an essential component of the global economy for centuries. These companies are often characterized by their tight-knit management structures, long-term perspective, and commitment to preserving family values. However, running a family business can…