US Tax Reform Started by Trump Administration

by | Nov 22, 2017 | Latest news

Highly anticipated tax reform under the Trump administration has been kick-started. On November 16 a bill was passed by the House containing many changes to both individual and corporate taxation.

Changes include:

  • Increase in the standard deduction from $6,350 to $12,200 (single filers), from $12,700 to $24,400 (joint filers).
  • Removal of the personal exemption.
  • Removal of itemized deductions with the exception of charitable donations and disaster-related casualty losses. Mortgage interest deduction will be limited to $500,000 of acquisition debt from $1m. Interest on existing loans will be repealed. State and local tax deductions will be gone, save for state property taxes of up to $10,000.
  • Repeal of the Alternative Minimum Tax.
  • Increase in the child tax credit from $1,000 to $1,600.
  • A much-heralded permanent reduction in the top corporate tax rate from 35% to 20%.
  • A repatriation tax of 14% on existing foreign profits being held in offshore accounts.
  • Reduction in the top tax rate applicable to income from pass-through entities including S-corporations and partnerships, from 39.6% to 25%.
  • A graduated repeal of the federal estate tax, with the estate tax completely disappearing in 2024.

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21:30 21 Aug 24
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09:09 21 May 24
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04:09 21 May 24
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03:47 21 May 24
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22:46 20 May 24
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20:00 15 Oct 23
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James SteeleJames Steele
02:57 13 Apr 23
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06:35 13 Feb 23
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04:31 13 Feb 23
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03:54 19 Oct 22
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Karen SmithKaren Smith
23:32 02 Sep 22
I have been working with Gina since 2014, when I needed US Tax advice, being both a New Zealand and United States citizen. Over the eight years that we have been working together, I have found Gina to be extremely knowledgeable about the US tax system and the New Zealand IRD. She is quickly able to provide definitive answers to my US tax questions, via her extensive contacts in the US tax department.Gina is always prompt in responding to my email and phone conversation questions and her professionalism has inspired my confidence in her many times over.She has guided me through my annual tax return filing with integrity and honesty and I fully trust her to get the job done well each year.
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