What You Should Know About The Current Trump Tax Plan

Almost a year after President Trump was elected to office, none of the main agenda bills have passed in Congress.  With Thanksgiving looming around the corner for a Congress shut down here in 2017, one of the big questions will be whether the major tax bill passes before the end of the year.  This single tax plan could have a big effect on how the market finishes here in 2017 and its potential impact into 2018.   Here are the key points you should know about the current Trump Tax Plan. Businesses Get The Biggest Cut The current proposal is to reduce the tax rate of “C” Corporations (currently mostly large corporation) to move from the current 35% down to 20%.   Consider this impact for a company that makes $20 billion dollars and currently pays $7 billion dollars in taxes.  Those companies would in theory get back another $3 billion dollars in freed up cash flow.   The current proposal still considers ...

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Will You Lose Your Home Mortgage Deduction In 2013?

Last Friday, I spent a chunk of my day at the Georgia Regional Financial Planning Association conference. I was a panelist at the event, but one of the reasons I attended was to see a friend of mine Michael Kitces speak on all of the tax law changes here in 2013. He is one of the best tax management advisors that I know of in the industry. As I have shared before in my blogs, tax management will be as important if not more important than asset management over the next decade. With all of the recent fiscal cliff changes, the tax law has become even more complicated and requires a close eye here in 2013 when income to tracking your gross income, capital gain sales, and potentially triggering out things like stock options or selling a piece of rental real estate. One of the main questions taxpayers will face this this year is whether or not their home mortgage ...

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Your Taxes Will Go Up If Earn Less Than $250,000

I watched the second half of the State of the Union last week.   Needless to say that after listening to the program and then all of the commentary after, it confirmed in my head how far out of touch our current administration is with reality.   Maybe a better way to put it is that they are in touch with how to wordsmith conversations as many politicians do with their campaign speeches.    To lead the public on that there will be no tax increases if they make less than $250,000 . . . well I guess it can be done if you want to defy centuries of simple accounting principles. Let’s be clear first all that what the current administration is talking about when they say there will be no tax increases is INCOME TAX.    Income tax is only one form of tax that generates revenue.    Let’s list below just some of the kind of taxes that you could pay as ...

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