What Does A Trump Presidency Mean For Your Money? | Minority Mindset - Jaspreet Singh | Summary and Q&A

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November 11, 2016
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Minority Mindset
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What Does A Trump Presidency Mean For Your Money? | Minority Mindset - Jaspreet Singh

TL;DR

Donald Trump's proposed economic changes include a reduction in corporate tax, a flat 15% tax on pass-through entities, and lower income taxes.

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Questions & Answers

Q: What is the proposed change to corporate tax rates?

Donald Trump wants to reduce the corporate tax rate from 39% to 15%, which would allow corporations to save a significant amount of money and potentially invest more in their businesses.

Q: How will the proposed change in pass-through entity taxation affect small businesses?

Trump is proposing a flat 15% tax on all income earned through pass-through entities like LLCs and partnerships. This could simplify taxation but may also change how businesses take deductions.

Q: How does Trump plan to fund the government with lower taxes?

One proposal involves offering a tax break to bring back $2.1 trillion in cash from offshore accounts held by large corporations. The tax rate for this is yet to be determined, but it could stimulate economic growth.

Q: What happened when the US brought back cash from offshore accounts in 2004?

In 2004, corporations used the cash primarily to buy back their own stock and give dividends to shareholders. It is uncertain how corporations will choose to use the cash this time.

Summary & Key Takeaways

  • Donald Trump has proposed reducing the corporate tax rate from 39% to 15%, which would result in significant savings for corporations and potentially stimulate economic growth.

  • Pass-through entities like LLCs and partnerships may see a change in how they are taxed, with a flat 15% tax on all income earned.

  • Trump plans to bring back $2.1 trillion in cash from offshore accounts by offering a tax break, potentially stimulating economic growth but raising concerns about how corporations will use the money.

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