On the campaign trail Donald Trump proposed significant changes to the income and transfer of taxation of individuals. Immediately upon Steven Mnuchin’s appointment as Secretary of the Treasury, Mnuchin made it clear there would be major changes to the tax code, the likes of which haven’t been seen since the Reagan years. With the House and Senate both in Republican control, there is a high probability that current individual income tax provisions will be changed and changed relatively quickly.
What does Trump have in store for you?
President Trump has proposed a number of major changes that are being considered. What the Trump administration’s proposed tax plan means to you is still up in the air, but if history is any indication of what we might see, you can expect lower income tax rates, plus the possible elimination of the estate and gift tax.
You can read more about how the president’s proposed tax plan might affect you on Gross Mendelsohn’s blog.
If you have questions on how Trump’s plan might affect your taxes, contact our office.