Both the House and Senate have passed their versions of President Trump’s tax bill, and there are many similarities, including the limiting of itemized deductions to mortgage interest, charitable contributions, and property taxes (up to $10,000), and the doubling of the estate, gift, and generation-skipping transfer tax exemptions from $5.6 million to $112 million in 2018. These versions also differ in a number of ways. These differences will have to be resolved through a legislative conference committee. Some differences should be easy to reconcile, but resolving others is expected to take time and effort. Read More
Archive for Donald Trump Tax Plan
On September 27, 2017, the Big 6 released their Tax Reform framework to guide the drafting of Tax Reform Legislation. Here is my summary and observations.
The plan also states President Trump’s Four Principles of Tax Reform:
- Simple, fair, easy to understand
- Give American works a pay raise.
- Make America a jobs market of the world
- Bring back trillions of dollars of unrepatriated earnings
Many of you have heard that President Donald Trump has proposed changes to the tax laws, some of which includes lowering the rates paid by businesses. Here are a few of the highlight’s of the proposed plan: Read More
The Trump administration has revealed its official tax reform plan. While it’s clear that the plan would make drastic changes to the current U.S. tax system, the brevity of the plan leaves a host of ancillary issues and details either unclarified or unaddressed in the one-page document. This is particularly true for expats – the tax plan gives little insight into whether changes will be sought by the administration that specifically address U.S. expat concerns.
Members of President Trump’s cabinet (Secretary Mnuchin and National Economic Director Gary Cohn) released a 1-page list of items he wants in a tax reform plan. CNN has the 1-pager posted here.
A few observations (I’ll have more later):
One thing to be be thankful for this holiday season is that the tax ‘policies’ of President Elect Trump and our Republican friends in the 115th congress will keep tax accounts and bookkeepers gainfully employed well into the foreseeable future. In fact I am adding staff again, which ‘sounds’ great!
Is it good for the US though – from a wonky economic perspective – that tax practitioners are expected to be in high demand well into the foreseeable future? Perhaps, perhaps not.
It’s a new dawn, a new day, and we have a new President.
Whether we enjoy the benefits of the reforms he has promised remains to be seen. For those of you who are not aware of the promises Trump has made regarding tax reform, I’ve provided them for you below.
During my Estate Planning Attorney’s 30+ years as a senior attorney at the IRS and his subsequent career as a tax consultant, he has seen an ongoing struggle over the rate of tax to be imposed on estates. Generally, this ebb and flow has pitted Republican Party attempts to eliminate the estate tax vs. the Democratic Party’s attempts to increase the estate tax rate.
“The Distribution of Household Income and Federal Taxes, 2013” was published by the Congressional Budget Office last week. The report measures income taxes among financial demographics. One of the main question is, of course:
How much are the 1% paying?
After years of following presidential races, what can we believe these days? As you look over the tax policies of Clinton and Trump, you have to wonder what these new proposals will do for the citizens of the United States. According to the Tax Foundation, here are Clinton’s and Trump’s proposals on how US citizens should be taxed.
What do you think?
Which Presidential Candidate Tax Plan Will Keep The Largest Number Of Tax Professionals Employed?
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Whenever a Presidential Election comes around everyone is talking about taxes and the IRS. With more than 3 Million tax professionals in the United States alone and business related to taxes in the Read More