LLP_News_Alert_NEW_BRANDING

UHY LLP Michigan Practice

QUICK LINKS

Locations

Services

Industries

Careers

ARCHIVE

Missed an issue? New subscriber? Visit our news archive.

DETAILS OF LONG AWAITED TRUMP TAX PROPOSAL

Yesterday, the White House released President Donald Trump's tax reform plan to the public. The proposal aims to drastically cut corporate taxes as well as provide tax relief for individuals, with middle-income families as the primary target. The goal of the tax reform is to create economic growth, and American jobs, and to lower the business tax rate to one of the lowest in the world. The proposed tax reform plan is being touted as one of the biggest individual and business tax cuts in American history.

Individual reform

Reduces the existing seven tax brackets to three (10%, 25% and 35%)
Doubles the standard deduction
Tax relief for families with child and dependent care expenses
Maintains the home interest and charitable deductions while eliminating other deductions
Repeal the alternative minimum tax
Repeal of the estate tax

Business reform

15% tax for corporations and flow-through entities
Territorial tax system to make American companies competitive
One time tax on trillions of repatriated offshore dollars
Eliminate tax breaks for special interest

What was missing - the border adjustment tax that Speaker of the House Ryan and others have proposed.

The proposal is very high level and lacks detail. There's still much to be negotiated with Congress, which may ultimately lead to a tax reform package that is different from the President's current proposal. However, by presenting this proposal, the President is delivering on his campaign promise of addressing tax reform. To discuss long term tax strategies contact your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040, or visit us on the web at www.uhy-us.com

Our firm provides the information in this newsletter as tax information and general business or economic information or analysis for educational purposes, and none of the information contained herein is intended to serve as a solicitation of any service or product. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY Advisors and/or UHY LLP (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.