After months of waiting, America has a new president-elect, Donald Trump. One of Trump’s main campaign objectives was tax reform—including getting rid of the Affordable Care Act, lowering and consolidating individual income tax rates, and expanding tax breaks for families. More immediately, the results of the November 8 election may impact year-end 2016 tax planning. The tax update below explains in depth implications of Trump’s win regarding taxes.
- New Administration Takes Office in January
- Possible Revisions to Tax Code for Individuals
- Possible Revisions to Tax Code for Businesses
- Remaining Extenders Could Be Decided
- Year-End Legislation May Include New Tax Incentive