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Now that we are in the era of a new presidential administration, there is always the question about how this can affect my taxes. The purpose of this synopsis is to give taxpayers a high level overview of the Trump Administration’s Tax Proposals:
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Reducing the amount of personal income tax brackets from seven to three. The new brackets would be 12, 25, and 33 percent.
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Increase the standard deduction for single taxpayers to $15,000 and for married taxpayers to $30,000. This is projected to save taxpayers more money.
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Repeal the alternative minimum tax and estate taxes
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Repeal personal and dependency exemptions along with the Head of Household filing status. Could case more than half of single parents to pay more under this repeal.
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Caps itemized deductions at $100,000 (single taxpayers) and $200,000 (married taxpayers)
There isn’t any guarantee that these proposals will be accepted and agreed upon by all levels government. We believe that there will be some kind of compromise in the end.
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