CORPORATE TAX CHANGES/
AMENITIES
Individual Tax
Changes
Estate/Gift
Tax Changes
It proposes increasing the corporate tax rate with graduated steps. 18% on the first $400,000, then 21% for income between $400,000 and $5,000,000 and 26.5% for income over $5,000,000.
The plan offers what it calls a Made In America tax credit – for activities that restore production, revitalize existing closed or closing facilities, retooling existing facilities to advance manufacturing employment, or expand manufacturing payroll.
Tax credits to small business for adopting workplace retirement savings plans.
Manufacturing Communities Tax Credit reduces tax liability of businesses that experience layoffs.
Reverts top marginal individual income tax rate to 39.6%. Affects single tax filers with income over $400,000 and married filing jointly with income over $450,000.
3% surtax on Adjusted Gross Income (AGI) for incomes over $5,000,000.
Increasing top rate on capital gains and qualified dividend income from 20% to 25%.
Banning contributions to both traditional and ROTH IRAs if the total account value exceeds $10,000,000.
Elimination of conversion from traditional to ROTH (i.e. the backdoor ROTH). Affects single tax filers with income over $400,000 and married filing jointly with income over $450,000.
Reduction in Unified Credit deduction from $11.7 per person to approximately $6.2 per person.
Grantor trusts may be includable in your estate. This may affect many Irrevocable Life Insurance Trusts, Grantor Retained Annuity Trusts, Qualified Personal Residence Trusts, and Spousal Lifetime Access Trust.
Valuation reduction for certain real property used in farming or other businesses.
CORPORATE
TAX CHANGES/
AMENITIES
Individual Tax
Changes
Estate/Gift
Tax Changes
Individual Tax
Changes
CORPORATE
TAX CHANGES/
AMENITIES