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
Daniel Hammond Customer Driven Leadership LLC - A Servant Leadership, Entrepreneurial Problem-Solving Model

Daniel Hammond Customer Driven Leadership LLC – A Servant Leadership, Entrepreneurial Problem-Solving Model

Daniel Hammond is the Managing Partner of Customer Driven Leadership LLC, an organization dedicated to transforming businesses through servant leadership and entrepreneurial problem-solving. Founded by Dr. Ted Anders, Customer Driven Leadership LLC has a mission to help over 1,000 ethical organizations reach their goals and provide exceptional service to their customers. Daniel Hammond is the…

The IRS is Getting a Funding Increase, Episode 21 with Ron Cohen

Episode 32: Year End Tax Planning

Ron Cohen talks about year end tax planning. Transcript: Today we discuss: -A review of year end tax planning issues and strategies About Ron Cohen’s Show: Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California.…

Customer Centered Leadership with Daniel Hammond

Customer Centered Leadership with Daniel Hammond

Alan Olsen interviews Daniel Hammond about customer centered leadership for Alan’s American Dreams show. Transcript: Alan Olsen Welcome to American Dreams. My guest today is Dan Hammond. Dan, welcome to today’s show.   Daniel Hammond Alan, thank you so much for having me.   Alan Olsen So Dan, you have an amazing entrepreneurial journey and,…

Investing and Networking: Richard Wilson Family Office Club

Investing and Networking: Richard Wilson Family Office Club

Richard Wilson is the Founder and CEO of Family Office Club. Since launching in 2011, Richard has grown his firm into one of the leading networks for family offices, wealth advisors and investors worldwide. His work has been featured in Forbes, Bloomberg Businessweek, The Wall Street Journal and other media outlets. With more than a…