Republican Victory in November Sets the Stage for Major Tax Changes in 2017

02/06/2024|pwsbuilder|

By winning the White House and holding on to their majorities in the House and Senate, Republicans put themselves in a position to fulfill campaign promises to reduce individual and corporate tax rates, repeal healthcare taxes, repeal the estate tax, and possibly implement broad, substantive tax reform.

With a Republican government seated for the first time in a decade, it’s anticipated that 2017 will bring extensive tax changes. Among the most likely to pass:  

  • reductions in most individual income tax rates;
  • reduction in the top corporate income tax rate;
  • repeal of healthcare taxes and credits enacted under the Affordable Care Act (Obamacare); and
  • repeal of the estate tax.

A large increase in standard deduction amounts and a sharp curtailment of itemized deductions will also be on the table, along with broad corporate tax reform.

The proposed changes were centerpieces of the Trump campaign and were also featured in a tax reform plan put forward last summer by House Speaker Paul Ryan and Ways and Means Chairman Kevin Brady (“Ryan-Brady plan”).

Richard Camp, CPA, PA blogs and all other multimedia content is provided for informational and educational purposes only and should not be construed as financial tax, accounting, legal, consulting or any other type of advice regarding any specific facts and circumstances, nor should they be construed as advertisements for financial services.  Because accounting standards, tax law, and technologies are constantly changing, content in this blog could contain outdated information.

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