Tax Proposal Upends Year-End Tax Planning
The U.S. Tax Code is likely to undergo its most significant revision since 1986.
No matter your political point of view, you don’t want to ignore what’s proposed and risk making a costly financial mistake.
Two Congressmen, two Senators and two Trump administration officials published a framework on September 19th for a 10-year tax cut totaling $1.5 trillion.
Then, the Trump administration, on September 27th, published a nine-page outline for cutting taxes over the next decade by about $2.2 trillion.
The President’s proposal eliminates the federal deduction for state and local taxes.
This single provision raises about $1 trillion of revenue over the next decade and is key to paying for the tax cut.
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