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…
Image Copyright: designer491 /123.com