Proposed Tax Changes and How to Benefit from Them

In this article I will touch on the following topics:
Summary of proposed tax changes from Trump and House GOP. Strategies to consider using to take advantage of the proposed changes. Which changes are most likely to occur. As we all know, on January 20th Trump will become the 45th President of the United States. He has made many promises during his campaign and one of the most ambitious, overhauling the tax code, will serve as the litmus test for his presidency. What we know is that there are many different ideas that have been presented by Trump, House Republicans and, to a lesser extent, Senate Republicans. The fun parlor game that we will play today is to try and predict what these changes will be and how they may impact your financial situation.
Trump has promised to “drain the swamp” and to use his business expertise to get his changes implemented, but he now faces the reality of DC and must handle the expectations and wants of many different groups. The House Republicans are led by Paul Ryan and the Ways and Committee Chairman Kevin Brady, who is the top tax writer in the House. They have released a tax reform plan and have made this their primary focus now that they are back in session. The Senate GOP is being less talked about since they have not released a plan but are focused on a Bi-Partisan bill that could avoid a filibuster.

This post was published at FinancialSense on 01/12/2017.