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...