Who We Are
Our Services
Investment Commentary
Account Lookup
Web Resources
Client Tools
Stocks
Calculators
Market Data Bank
Financial Briefs
Contact Us
Disclosure
Home

Capital Ideas


Printer Friendly Version
Index
This Type Of Trust Is A Failure
Swap Munis To Your Tax Advantage
IRS Applies IRA Rollover Limit To Coverdell ESAs
Online Survey Shows Split In Funding Home Down Payment
IRS Closes Valuation Loopholes
Tune Into The Tax Break For NUA
Retiring Abroad? Be Ready To Take The Bad With The Good
 

What Are The Main Items On Trump's Tax Reform Agenda?

President Donald Trump is making tax reform one of the top priorities in the early days of his administration. Although there are no guarantees, some or all of his proposals may be approved by a Republican-led Congress, possibly with modifications. These are among the key items on the agenda:

  • Replacing the seven-tier income tax rate structure for individuals with three brackets of 12%, 25%, and 33%.
  • Eliminating some itemized deductions or limiting the dollar value of deductions claimed on personal returns.
  • Reducing the top corporate income tax rate from 35% to 15%.
  • Repealing the estate tax and replacing the step-up in basis for inherited assets with a carryover basis rule or income tax consequence at death.
  • Repealing the 3.8% surtax on net investment income.
  • Repealing the alternative minimum tax.
  • Curbing the benefits of stretch IRAs.
  • Providing immediate deductions for investments in businesses.
  • Doubling the maximum Section 179 allowance from $500,000 to $1 million and revamping depreciation deduction rules.
  • Revising tax benefits for child-care expenses, including a new deduction and tax-favored savings accounts.
  • Implementing a one-time 10% repatriation tax for multinational corporations.

We will provide more details if and when any of these provisions are enacted into law.


Email this article to a friend


This article was written by a professional financial journalist for Clark Planning & Investment Advisory and is not intended as legal or investment advice.

©2016 Advisor Products Inc. All Rights Reserved.