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Businesses salivate over Trump’s tax ideas, but will they happen?

Theres been a lot of talk in Washington concerning pro-business tax cuts, but what happens remains to be seen.

By Ginger Szala | Updated on March 10, 2017

There still is a lot of book ahead in any tax reform coming out of the Trump administration.

But taking a page from candidate Trump’s tax plan, it looks that the number of tax brackets will be cut to three from seven, and the top tax bracket, for those with net income of $225,000 for a married couple or $112,500 for an individual, will be reduced to 33 percent from 39.6 percent. Other major changes include reductions of corporate tax rates, capital gains taxes and taxes on “pass-through businesses,” that is, sole proprietorships (S corps), partnerships and LLCs, which make up the bulk of taxpaying businesses.

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Ginger Szala

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