Sun
Share

Lahti, Lahti & O'Neill, P.C. Blog

Wednesday, May 3, 2017

A Synopsis of President Trump’s Tax Reform Proposal

By Michael T. Lahti

2017 Tax Reform for Economic Growth and American Jobs
The Biggest Individual and Business Tax Cut in American History

Goals For Tax Reform

  • Grow the economy and create millions of jobs
  • Simplify our burdensome tax code
  • Provide tax relief to American families — especially middle-income families
  • Lower the business tax rate from one of the highest in the world to one of the lowest

Individual Reform

  • Tax relief for American families, especially middle-income families;
    • Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%
    • Doubling the standard deduction
    • Providing tax relief for families with child and dependent care expenses
  • Simplification:
    • Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers
    • Protect the home ownership and charitable gift tax deductions
    • Repeal the Alternative Minimum Tax
    • Repeal the death tax
  • Repeal the 3.8% Obamacare tax that hits small businesses and investment income

Business Reform

  • 15% business tax rate
  • Territorial tax system to level the playing field for American companies
  • One-time tax on trillions of dollars held overseas
  • Eliminate tax breaks for special interests

Process

  • Throughout the month of May, the Trump Administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive — and can pass both chambers.

Archived Posts

2017
2016
2015
2014


Serving residents of Rhode Island and the Massachusetts Counties of Barnstable, Plymouth, Bristol, Norfolk, Suffolk and Middlesex.



© 2019 Fletcher Tilton PC | Disclaimer
1 Richmond Square, Suite 303N, Providence, RI 02906
| Phone: 401-331-0808
651 Orchard Street, Suite 107, New Bedford, MA 02744
| Phone: 508-992-8677
266 Main Street, Olde Medfield Square, Bldg. 3, Suite 39, Medfield, MA 02052
| Phone: 508-459-8000
1597 Falmouth Road, Centerville, MA 02632
| Phone: 508-815-2500

Asset Protection | Business Succession Planning | Elder Law/Medicaid Planning Overview | Elder Law | Estate Planning | Estate Planning for High Net Worth Individuals | Estate Planning for Non-Traditional Families | Family Limited Partnerships | Guardianships | Medicaid Planning | Nursing Home Planning | Planning for Incapacity | Probate & Estate Administration | Retirement Planning | Special Needs Planning | Tax Law | Veterans Benefits | Wills & Trusts | Estate Planning for High Net Worth Individuals | Guardianships | Estate Planning for Non-Traditional Families | Estate Planning for High Net Worth Individuals | Estate Planning for High Net Worth Individuals | | Testimonials | Client Forms | Seminars | About Us

Attorney Web Design by
Zola Creative