President Trump would like to simplify our current individual tax system, remove some taxes, and cut corporate taxes. Specifically, Trump’s plan wants to:
• Simplify the current individual tax system by reducing the number of tax brackets from seven down to three.
• He wants to double the standard deduction
• He wants to eliminate several individual tax deductions except those for home ownership and charitable gifts
• He wants to repeal the Alternative Minimum Tax, the estate tax, and the 3.8% tax on investment income
• And he wants to cut taxes on businesses to 15%
This plan would create major tax reform. These are significant changes and if it is passed it will have a major impact on your retirement planning. So, to help you understand what these potential changes could all mean to your retirement let’s look at the details of all this…