Last week the Executive Office released an overview of its proposed 2017 tax reform. The plan provided a summary of the goals of the tax reform for individuals and businesses. The key points of the plan are outlined below.
- Reduce corporate tax rates
- Allow these reduced rates for small and medium business owners
- Allow reduction in repatriation taxes
- Eliminate tax breaks for special interests
- Reduce the number of tax brackets
- Increase standard deduction
- Eliminate the Alternative Minimum Tax (AMT)
- Repeal the 3.8 percent Net Investment Income Tax (NIIT)
- Repeal estate taxes
- Increase assistance to families with child and dependent care expenses
- Retain the home mortgage interest and charitable giving tax deductions
Right now, the proposed 2017 tax reform has only been announced. MSL will continue to monitor the progress of this tax plan and any additional proposed tax reforms. We will work to keep you informed of any changes that may affect you or your business.
Please call at any time with questions you may have or to get more information!
800.683.5401 | www.mslcpa.com