The future of taxes in the US is not set in cement, especially with the unknowns of our newly elected leadership, but if we look at what was promised on the campaign trail and the "Ryan-Brady plan" backed by a Republican majority led congress, we have an idea of what is to come:
Individuals - numerous reductions in income tax rates for higher earners.
Corporations - reduction in the top corporate income tax rate.
Affordable Care Act - a partial repeal of healthcare mandates and related taxes and credits.
Estate tax - elimination of the estate tax.
2017 is just around the corner, and we will know more sooner than later!
Jeremiah K. Murphy, CPA is an accounting firm providing tax services, audits and business consulting.