America exercised their right to vote on Tuesday and late into the wee hours of Wednesday morning, a President-Elect was announced. Donald Trump will be sworn in as our President of the United States in January of 2017.
Many times this campaign season, I heard the candidates harp more on scandal than they did on their tax reform policies. I thought it would be appropriate to remind you of the tax plan that Donald Trump campaigned on. Some of these proposals are fairly radical, but with the House, the Senate, and the Presidency now controlled by republicans – there is a higher likelihood of them getting passed.
If Trump’s tax plan was passed in its entirety, it would cut taxes by an average of 7% for Americans. While it would cut taxes at every income level, the largest benefit would be to the high-income taxpayers. The following is a comparison of our current tax law and Trump’s proposed changes.
For more information on how potential changes to the tax structure may impact you or your company, have a member of the Barnes Dennig tax team contact you, click here, or call 513-241-8313.