Impact of the 2016 Election on Future Tax Policies

A new president usually ushers in changes in tax policy. Although it is unclear whether the tax code changes that Donald Trump has envisioned will be enacted into law in their current form, read on for a sneak peek of what he has in mind.

Donald Trump has called for reducing the top corporate tax rate from its current level of 35 percent to 15 percent. He also called for compressing the number of individual income tax brackets from seven under current law to three and for reducing the top rate from its current-law level of 39.6 percent. Trump called for rate brackets of 12 percent, 25 percent and 33 percent. However, the proposals he discussed lack technical details to explain how specific provisions would operate, and we may not see any full proposals until his administration sends its first tax-and-spending plan to Congress in 2017.

Contact our office for updates!