A Post-Election Analysis: Tax Cut Proposals on the Horizon
November 15, 2016
As the dust settles from President-elect Donald Trump’s historic victory and the accompanying Republican sweep of the U.S. House and Senate, it is possible Americans could see significant tax cuts as early as 2017. The tax cuts proposed by President-elect Trump are among the largest proposed since the days of President Ronald Reagan. If his tax proposals are passed as originally set forth during the campaign, we can expect to see major changes for individuals and businesses. As proposed, those changes include:
For individual taxpayers:
For business taxpayers:
The House has proposed a platform that is similar to the Trump plan. Even though there is significant overlap in the two plans, we have a long way to go in predicting the specifics of the 2017 changes. However, we expect that significant changes are on the way.
Do you have questions about proposed tax legislation or other related issues? Contact a member of the Smith and Howard tax team at 404-874-6244 or fill out our form below.
If you have any questions and would like to connect with a team member please call 404-874-6244 or contact an advisor below.CONTACT AN ADVISOR
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