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Posts Tagged ‘tax planning’

There is one clear victor in the 2016 President Election results and that is those who loathe the current tax law and long for reform. President-elect Trump’s tax proposals align nicely with those previously posited by Republican tax writers like Paul Ryan and Kevin Brady, and with last Tuesday’s events resulting in a consolidation of power in the hands of the Republican party, it has been said that tax reform within Trump’s first 100 days in office is a “priority.”

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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The WSJ’s Tax Report published a one-two punch of  articles containing year-end tax planning tips for today’s uncertain tax environment.

Lawmakers have a lengthy to-do list. The 2% Social Security payroll-tax cut for employees expires at the end of 2011. So do a host of other provisions, including a fix to keep the alternative minimum tax from expanding to millions more taxpayers in 2012, and an extension of the popular IRA charitable contribution for people older than 70½.

Other changes are set to take effect at the end of next year, including the expiration of the tax cuts enacted in 2001 and 2003. The top tax rate on wages would reset to 39.6% from 35%, and the top rate on long-term capital gains would rise to 20% from 15%. The special 15% rate on dividends would lapse, as would the current generous estate-tax provisions. As many 10 million lower-income families and individuals would also be restored to the tax rolls, according to the nonpartisan Tax Policy Center.

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