By George L. Yaksick, Jr.
As President-elect Trump starts to assemble his administration, additional details are emerging about his tax plans. The president-elect has launched a new official transition website. At the same time, Trump’s campaign website has been updated post-election.
"American frustration with the tax code has prompted two decades of Washington, D.C. blue ribbon commissions and detailed plans to reform the code. These efforts have not changed the tremendous burden Americans face in complying with the U.S. tax code," Trump posted on his official transition website.
ACA. "A Trump administration will work with Congress to repeal the ACA and replace it with a solution that includes health savings accounts (HSAs), and returns the historic role in regulating health insurance to the states," the president-elect’s official transition website explains. Along with repealing the ACA, the president-elect called for re-establishing high-risk pools and allowing people to purchase insurance across state lines.
Deductions. Trump’s website also highlights an above-the-line deduction for children under age 13 at state average and for eldercare for a dependent; spending rebates for childcare expenses to certain low-income taxpayers through the Earned Income Tax Credit (EITC); and new Dependent Care Savings Accounts (DCSAs). "Total annual contributions to a DCSA are limited to $2,000 per year from all sources, which include the account owner (parent in the case of a minor or the person establishing elder care account), immediate family members of the account owner, and the employer of the account owner."
For married-joint filers, Trump’s website explains that a 12-percent rate would apply to income less than $75,000; a 25-percent rate would apply to income more than $75,000 but less than $225,000; and a 33-percent rate would apply to income more than $225,000. "Brackets for single filers are 1/2 of these amounts. Low-income Americans have an effective income tax rate of 0."
The president-elect’s website reiterates his proposal to cut the corporate tax rate to 15 percent as well as eliminating the corporate Alternative Minimum Tax. Other business proposals include "a deemed repatriation of corporate profits held offshore at a one-time tax rate of 10 percent" and "the elimination of most corporate tax expenditures except for the Research and Development credit."
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