Accountant, Intuit Solution Provider, QuickBooks Advisor, accountant and CEO Services owner Dave Gutierrez


April 2017 Federal Tax News


President Trump Announces His Proposed Tax Plan

President Trump proposes reducing the Corporate Tax Rate down to 15%.

If this applies to S. Corporations, then that would mean that their tax rate would go from 35% down to 15%, and for C. Corporations this would mean their current multi-tiered tax rate would change to 1 rate of 15%.

This would be a huge tax savings for Corporations and depending who you ask is estimated to cost the government 2 to 7 Trillion dollars in lost tax revenue over 10 years for this type of tax revenue source.

Seemingly good for Corporations, but is it really healthy and sustainable for America?

For Individual taxpayers while having less Tax Brackets might sound good and the concept of less Tax Brackets might even feel good as it will reduce the number of Tax Brackets down to 3 from 7, there is a downside to having less Tax Brackets.

Three sounds and seems less complex than the 7 current Tax Brackets. However, the challenges arise when an individual is on the cusp of the next Tier up in the Tax Bracket.

With more Tax Brackets, our tax liability bumps up in smaller increments, than it will bump up with less Tax Brackets. Therefore, the tax hit when a taxpayer moves up to the next Tax Bracket Tier isn't as much with 7 Tax Brackets as it is with 3 Tax Brackets.

For taxpayers who are just over the edge of the next Tax Bracket. Yes, 3 is less than 7, but in this case less might not be better for the individual taxpayer than more.

It would be interesting to run the numbers to see how many taxpayers actually benefit and by how much with 3 Tax Brackets as opposed to 7 Tax Brackets.

 

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