The Future of Your Taxes - Trump Tax Proposal 2017 | Summary and Q&A

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October 4, 2017
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Minority Mindset
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The Future of Your Taxes - Trump Tax Proposal 2017

TL;DR

The Trump administration has released a draft of a new tax proposal, which includes changes to personal income taxes, deductions, small business taxes, and corporate taxes.

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Questions & Answers

Q: How does the proposed tax plan change the personal income tax brackets?

The plan reduces the number of income tax brackets from seven to three but does not specify the income breakdown for each bracket, making it difficult to determine who will pay more or less.

Q: What changes are proposed for deductions?

The plan aims to eliminate several itemized deductions but increases the standard deduction to $12,000 for individuals and $24,000 for married couples to benefit the majority of taxpayers.

Q: How does the new plan affect the estate tax?

The proposal suggests completely eliminating the estate tax, allowing individuals to transfer unlimited wealth to the next generation without any taxes. Critics argue that this benefits the wealthy disproportionately.

Q: How does the proposed tax plan impact small businesses?

The plan introduces a flat tax rate of 25% for small businesses, aiming to incentivize entrepreneurship. Critics worry that it may benefit wealthy individuals who can convert personal income into small business income to avoid higher tax rates.

Summary & Key Takeaways

  • The proposed tax plan simplifies the current system by reducing the number of income tax brackets from seven to three.

  • It increases the standard deduction for individuals and couples, while eliminating some itemized deductions.

  • The plan aims to incentivize small business growth by introducing a flat tax rate of 25% for small businesses.

  • For corporations, the proposed plan aims to lower the corporate tax rate from 35% to 20% and offers a tax holiday to bring overseas cash back to the U.S.

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