Now that Donald J. Trump has won the presidential election, it makes sense to tune in to his proposals for tax reform. With Republicans in control of the White House and both houses of Congress for the first time in many years, it seems very likely that major changes to the tax code will happen in 2017. Republicans have proposed eliminating the estate and gift tax, and cutting tax rates and reforming the tax code for individual taxpayers and businesses. These changes could affect your business and individual tax planning strategies so it makes sense to stay informed as the various proposals are put forward and discussed. Stay tuned to this blog as we will follow the action as it occurs.
This article by Robert W. Wood at Forbes does a nice job of laying out some of President-elect Trump's tax reform proposals and how they could affect your 2016 tax planning. Check it out here