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Donald Trump’s election as the USA’s 45th president combined with continued Republican control of both the House and Senate will almost surely result in passage of a major tax cut in 2017. Although the size and design of that measure and how it shall be funded are remained uncertain, it is worthy to understand the key aspects of his tax plan, consider if they have implications for you as a taxpayer, and well-prepare for planning and compliance aspects, in order to achieve your optimal tax position.

Corporate Tax

  • Reduce the top corporate tax rate from 35% to 15%.
  • Reduce or eliminate unspecified loopholes that benefit special interests as well as deductions made unnecessary or redundant by the new lower corporate tax rate.
  • Allow manufacturing firms immediate expensing of all new business investments in lieu of a deduction for interest expense.
  • Eliminate the corporate alternative minimum tax.
  • For investment managers, tax income from carried interests at ordinary income rates.

Individual Tax

  • Create three tax brackets with rates of 12%, 25% and 33%.
  • Eliminate the tax on net investment income.
  • Cap the capital gains tax rates at 20% with a lower rate for individuals not in top brackets.
  • Close unspecified "special interest tax breaks" and cap deductions at USD100,000 for single filers and USD200,000 for married filers.
  • Eliminate the individual alternative minimum tax.
  • Implement new dependent-care savings accounts to be used for child care, after-school enrichment programs and school tuition, as well as in-home nursing and nursing home care for elderly dependents.
  • Increase the standard deduction to USD30,000 for joint filers and USD15,000 for single filers with personal exemptions eliminated.

International Tax

  • Tax all earned foreign subsidiary income and impose a one-time 10% transition tax on the deemed repatriation of profits of foreign subsidiaries, payable over ten years.

Estate and Gift Tax

  • Permanently eliminate the federal estate tax.
  • Subject capital assets exceeding USD10 million held at death to income tax, and disallow contributions of appreciated assets into private charities established by the decedent or their relatives.

 

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