The Trump tax plan - what it would mean to you:

posted by Brian Mudd - 

The Trump tax plan - what it would mean to you:

Bottom Line: By now you've likely heard a few of the high points. Three personal tax brackets rather than seven. A flat corporate tax rate. A near doubling of the standard deduction. Here are the specifics that we're aware of:

  • Flat corporate rate of 15%
  • Personal tax rates 10%, 25%, or 35% 
  • End of the 3.8% ACA tax 
  • Standard personal deduction of $12,000 per individual/$24,000 married
  • End of the Alternative minimum tax 
  • End of the Estate tax
  • One-time repatriation tax cut for US companies 
  • Limits deductions to mortgage interest and charitable giving (on the personal side)
  • Investment tax levels would remain at current levels

We still don't have the income levels that would result in the three personal income thresholds. There's a lot of room for optimism if this does move forward in a meaningful way. More to come...

Brian Mudd

Brian Mudd

Want to know more about Brian Mudd? Get his official bio, social pages & articles on your local iHeartRadio station! Read more

title

Content Goes Here