Helping you understanding the upcoming changes and better prepare your financial plan and retirement. Here are a few items from the Tax Plan being put forth by the Republicans. Here is the full copy: Tax Cuts and Job Act 11.2.17 If you have any questions about financial planning or portfolio management, please contact me for a free review of your plan and portfolio.
A few tidbits:
- Mortgage interest deduction in half.
- Tax brackets from seven to 4 brackets (12%, 25%, 35% & 39.6%)
- Child Tax credit to rise to $1,600 from $1,000
- State & Local property tax deductions up to $10,000
- Corporate tax rate at 20%
- Double exemption on estates
For an overview go to this page: http://www.foxbusiness.com/politics/2017/11/02/trump-s-tax-plan-major-changes.html
I have also attached the full document of the Tax Cuts and Jobs Act.