The Republican Tax Code overhaul is expected to include across-the-board Tax Cuts, including one to the Top Business tax rate that would allow Trump’s Companies to keep a greater share of their profits.
Beyond the Rate Reduction, Trump could also benefit from several other provisions likely to be part of the GOP Tax Reform package:
1. A proposed exemption on foreign income generated from overseas sales.
2. From certain business interest deductions on debt-financed projects that are widely favored by Real Estate Developers.
3. From provisions allowing Small Business owners to tap into a lower 15% rate while filing through their individual returns.
Trump’s family stands to significantly benefit, an estimated savings of $4 billion or more if the President-Elect’s personal wealth is “in excess of $10 billion” as he has claimed, from a repeal of the Estate Tax, a tax on inheritance that applies to only a small number of the Country’s wealthiest families.
As my wife and I our Small Business owners, number 3 looks like something we would like.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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