Taxes and the President-Elect
We just want to congratulate President Obama and his service to our country for the past 8 years. Under his leadership taxes on businesses and individuals have gone up at least for the upper class individuals.
What can we expect from President-Elect Donald Trump during his presidency? Most experts allude to the opposite of what has happened under President Obama. The higher taxes on the wealthy will likely be brought back down to below current rates. C Corporations will pay less in taxes, probably somewhere south of 35%. The estate tax could possibly be dropped and the new income investment tax could be eliminated.
Most experts agree tax policy will be sharply changes. Other areas of law relating to the Internal Revenue Code are less likely to be modified greatly. The Patient Protection and Affordable Care Act are probably not going to change much for 2017. The President-Elect realizes that removing 22 million people off their insurance overnight entails certain political capital that he simply doesn’t have.