President-Elect Donald Trump’s Proposed Tax Plan
It’s unknown at this time how many of these proposed tax changes will be made in 2017, even with the Republican majority in the House and the Senate. During his campaign, President-elect Trump promised big changes in income taxes. The following are the proposed changes that we read on his website.
Individual Income Tax Rates and Capital Gain Rates
A big change here. From the current 7 tax brackets to 3 tax brackets. At present, the rates are 10%, 15%, 25%, 28%, 33%, 35%, and a top rate of 39.6%. The new proposed Tax Plan changes this to 12%, 25%, and 33%.