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Articles From Lumsden McCormick

Just Released: Memo Outlining Trump’s 2017 Tax Reform for Economic Growth and American Jobs

At a press conference April 26, 2017 the White House announced President Trump’s Tax Reform Plan. A one-page memo titled 2017 Tax Reform for Economic Growth and American Jobs includes a bulleted outline of this reform; the exact text from this document appears below. The document may be viewed on the Journal of Accountancy’s website.  

Comments on the announcement from Gary Cohn, the chief economic advisor to President Trump and Director of the National Economic Council may be found on the White House blog

BDO’s insights may be found here

 

2017 Tax Reform for Economic Growth and American Jobs

The Biggest Individual And Business Tax Cut in American History

 

Goals For Tax Reform

      • Grow the economy and create millions of jobs
      • Simplify our burdensome tax code
      • Provide tax relief to American families—especially middle-income families
      • Lower the business tax rate from one of the highest in the world to one of the lowest

Individual Reform

      • Tax relief for American families, especially middle-income families:
      • Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%
      • Doubling the standard deduction
      • Providing tax relief for families with child and dependent care expenses
      • Simplification:
      • Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers
      • Protect the home ownership and charitable gift tax deductions
      • Repeal the Alternative Minimum Tax
      • Repeal the death tax
      • Repeal the 3.8% Obamacare tax that hits small businesses and investment income

Business Reform

      • 15% business tax rate
      • Territorial tax system to level the playing field for American companies
      • One-time tax on trillions of dollars held overseas
      • Eliminate tax breaks for special interests

Process

Throughout the month of May, the Trump Administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive—and can pass both chambers.

 

You may download CCH’s overview of President Trump’s tax proposal here.  For more information reach out to a Lumsden McCormick professional adviser or contact our tax team:

 

Dale B. Demyanick
ddemyanick@LumsdenCPA.com

 

 

 

 

Mark G. Janulewicz, CPA
mjanulewicz@LumsdenCPA.com

 

 

 

 

Michē C. Needham, CPA
mneedham@LumsdenCPA.com

 

 

 

 

David A. Schlein, CPA
dschlein@LumsdenCPA.com

 

 

 

 

Courtland “Cory” Van Deusen V, CPA
cvandeusen@LumsdenCPA.com

Just Released: Memo Outlining Trump’s 2017 Tax Reform for Economic Growth and American Jobs

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Dale is an expert in the areas of individual income taxation, estate, trust, and gift tax planning, and succession planning for privately held businesses. Dale works one-on-one with clients to avoid surprises by taking the extra steps to run detailed projections, research likely outcomes, explore flexible tax-saving options, and prepare thoughtful recommendations. Dale enjoys working with both individual and corporate clients, providing valuable tax planning advice while serving as a trusted advisor – in many cases, for multiple generations. He was named partner in 1991 and has been with the Firm for more than 40 years. Dale assists in the supervision of approximately two dozen tax professionals who work together to assure conformity with federal and state tax standards, while minimizing taxes and related costs.

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