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Trump Tax Proposal Highlights

April 27, 2017

On April 26, 2017, President Trump and his administration presented a broad outline of its tax reform plan.  The plan calls for a 15% business tax rate and a one-time tax on the repatriation of foreign earnings of U.S. companies at an unspecified rate, which would be negotiated with Congress, along with other details of the proposal.

For individuals, income tax rates would be set at 10%, 25%, and 35%; these differ slightly from Trump's campaign proposal rates of 12%, 25%, and 33%, which were aligned with those in the House Blueprint on tax reform. The plan calls for the repeal of all deductions for individuals aside from the mortgage interest and charitable contribution deductions, and also calls for repeal of the Alternative Minimum Tax (AMT) and the estate tax. The plan calls for doubling the standard deduction.

The top capital gains and dividends rate would remain at 20% and the 3.8% net investment income tax, enacted under the Affordable Care Act, would be repealed.

The tax reform proposal was very broad and there will be many more details to come.

For more information please contact Andrew Lattimer, alattimer@blumshapiro.com or 860.570.6327.

 

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