Thursday, November 10, 2016

Trump Tax Plan Highlights

Based on Trump campaign's tax plan (, we may see development in some areas in the near future such as:

  • Taxes affecting individuals
    • Reduction or Elimination
      • Ordinary income tax rates could be reduced to 12%-25%-33% brackets.
      • The existing capital gain tax rate structure (maximum rate of 20%) could be retained.
      • The 3.8% Obamacare tax could be repealed.
      • Alternative minimum tax could be repealed.
      • Death tax could be repealed.
    • Increase or Limitation
      • Carried interest could be taxed as ordinary income.
      • Itemized deductions could be capped at $200,000 for married-joint filers or $100,000 for single filers.
  • Taxes affecting corporations
    • Reduction or Elimination
      • Top corporate tax rate could be reduced to 15%.
      • Alternative minimum tax could be repealed.
    • Foreign Earnings
      • Corporate profits held offshore could be deemed repatriated and taxed at a one-time tax rate of 10%.
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