Trump Administration Proposes Sweeping Tax Cuts
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
How Do Leaders Continue to Improve Their Leadership Skills?
How Do Leaders Continue to Improve Their Leadership Skills? What makes a great leader? This is a topic that I have discussed with many of the country’s top business leaders over the years. Everyone answers this question in his or her own unique way, they typically end up describing the same types of traits and…
What Do You Value in a Company?
What Do You Value in a Company? Startup companies are a dime-a-dozen, and many of them are looking for investment help from larger companies or in most cases investment bankers, also known as venture capitalists. Venture capitalists have a lot of money at their disposal but they don’t become successful by simply tossing money at…
Where Do You Find Good Ideas To Start A Business?
Where Do You Find Good Ideas To Start A Business? Just about everybody has a great idea from time to time. Some people run with those ideas and set out a course to make those ideas become a reality. Other ideas never get off the ground because they never move beyond the idea stage. Often…
Six Secrets of Effective Networking
Six Secrets of Effective Networking What’s in a network? Not your social network, but rather your business network. Networking is a well-known principle that continues to grow in the age of the Internet. Not only do people spend countless hours using their social networks, but also more and more business professionals and companies use digital…