What Kind of Tax Changes Can We Expect From Trump’s Presidency?
The tears have not yet dried for some, and the celebrating is not yet over for others, but let’s turn our attention to taxes. With a Republican Congress and a Republican president, some measure of tax relief is a given. What can we expect?
A good place to start is Trump’s platform. Here are the key elements:
1. Cut in half the number of individual income tax brackets and bring rates down to 12%, 25% and 33%.
2. Elimination of the 3.8% Obamacare tax.
3. Lower the business tax rate for corporations and small businesses alike to 15%, but with elimination of many deductions. . .
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