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Tax Reform Changes on the HorizonBy Michael W. Blitstein, CPA
In recent months, much debate and uncertainty over tax reform proposals has been discussed. It’s been the issue that has raised the most questions from our clients this year - “How will tax reform affect me?”
Recently, both the White House and House of Representatives released their proposals for an updated tax plan. Both versions are largely similar, with a few differences.
Let’s look at the key points from the recently outlined tax plans.
• Reduce the 7 tax brackets to 3 or 4 tax brackets
• Double the standard deduction for non-itemizers
• Eliminate the estate tax and alternative minimum tax
• 20% business tax rate, cut from 35% today
• 25% rate on pass-through business income
• Immediate expensing of capital investments
The White House proposal would reduce the current seven tax brackets to three with rates of 10 percent, 25 percent and 35 percent.The House proposal adds a fourth bracket of 39.6 percent for incomes over $1...
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