Donald Trump’s Tax Plan

President-Elect Donald Trump will be inaugurated on January 20, 2017. One of his expected first acts as President will be to move forward with tax reforms to simplify the U.S. Internal Revenue Code and lower tax rates for individuals and businesses. Proposed business tax reforms include cutting the corporate income tax rate from 35 percent to 15 percent and taxing pass-through businesses, i.e., S-corporations and partnerships, at a 15 percent rate. Proposed individual tax reforms closely follow reducing the top marginal income tax rate from 39.6 percent to 25 percent and creating a zero percent tax bracket. His proposed tax reform also eliminates the often misunderstood Alternative Minimum Tax. It is not certain all of his proposed reforms will become law, but significant reforms could benefit most U.S. taxpayers. ACM is available to help you monitor the changing tax environment and tak