President Trump presented his campaign promise to fill to grow jobs, with a big cut for corporate tax rates and a simplification for individuals.
This biggest reform in US history fits on one single sheet paper. The details will follow later, but please read the main principles.
- The number of tax brackets will be only to three brackets: 10 percent, 25 percent and 35 percent. The previous top tax bracket was 39.6 percent, thus a reduction.
- A married couple will see the standard deduction doubled to $24,000. This change also means more couples will no longer need to itemize deductions. Making the process of filing taxes simpler.
- To support small businesses the 3.8 percent ObamaCare tax will be repealed. The repeal of the Affordable Care Act tax comes as Republicans are trying to replace the law all together as part of a massive health care overhaul.
- Business tax rate will be lowered to 15 percent from 35 percent today.
- Institutes “one-time tax on trillions of dollars held overseas.”
- Repeals the “Death Tax,” (estate tax) which applies to the transfer of property of a deceased person.
- Repeals the Alternative Minimum Tax, which was enacted as a penalty on wealthy individuals.
This all will grow the economy and create millions of jobs and next to a tax relief to American families and lower the business tax rate to one of the lowest in the world.
The Trump administration will hold listening sessions to receive input and to work with House and Senate to develop a plan that provides massive tax relief.
If this plan will survive the legislation process it will free funds for your hair business and increase the purchasing power of your clients.