On April 26th, 2017, Treasury Secretary Steven Mnuchin and Gary Cohn, Mr. Trump’s Director of National Economic Council, rolled out the President’s proposal on tax.
Phil Liberatore is optimistic to see a significant number of these proposed changes, considering this is the largest, potential overhaul of the US Tax Code in over 30 years, post Ronald Reagan’s presidency.
“In our view, the most monumental, proposed changes in the tax code are reducing the current seven tax brackets down to three brackets, with reduced brackets of 10%, 25% and 35%,” says Liberatore. “Also proposed is a reduction of the corporate tax rate, down to 15% from 35 %, as well as a repeal of the Alternative Minimum Tax (AMT) and Estate Tax.”
According to Phil, the overall goals of this sweeping tax reform are to accomplish the following:
1. Simplification of the tax code
2. Lower tax rates to provide tax relief for American Families (especially the middle class)
3. Lower business taxes to increase business activity in the US
4. Grow the national economy and stimulate job growth
“The proposal has a long way to go before becoming law,” says Liberatore, “but this is a first step along the path to reforming the tax system.”
Liberatore and his team at Liberatore CPA will be closely monitoring the direction of this far-reaching, proposed legislation and will provide updates as they become available.
Phil Liberatore, CPA Shares Latest Financial Trends on Politics & Profits
You won’t want to miss hearing Phil Liberatore, CPA live on Politics & Profits. Phil shares key insights that can positively impact your business and financial future! Below is a sample of what you will discover:
1. How to Win at Retirement – Beating the Odds to Retire Your Way
2. Main Street Fairness Act – Creating Federal Tax Parity between Small Businesses and Wall Street
3. How Could Potential Tax Reform Impact You