Trump’s Tax Plan

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September 28, 2017

Trump’s Tax Plan

On September 27 of this year Congressional Republicans and President Trump released their plan for tax reform.

You can read whole thing at this link:

The main points of the so-called Unified Framework are as follows:

-Standard deductions will be increased.

-There will be three tax brackets (12%, 25% and 35%) instead of the current seven.

-The alternative minimum tax will be abolished. (Finally.)

-Most itemized deductions, including state and local taxes, will be eliminated.  , including for state and local taxes.

-A repeal of the estate tax.

-There will be a a 25% top tax rate for “small and family-owned” proprietorships, partnerships and S corporations.

-The corporate tax rate would be reduced to 20%.

-It will allow expensing of capital investments other than structures for at least five years.

-Reformation of the taxes on international corporations.

Obviously we don’t want our clients adjusting their personal finances based upon a tax plan that has not been enacted, but such developments are worth monitoring! Stay tuned…

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