In the days leading up to a highly publicized speech, political analysts aren’t shy when it comes to making a few predictions about what President Donald Trump will and will not say. Now that he has been Commander in Chief for a few weeks, we thought we would be brave and venture a few predictions as well – particularly regarding the future of the American tax landscape.
Ashley Matthews, CPA, a senior tax manager and tax strategist, joins Dave on unsuitable on Rea Radio to dive into the topic of tax reform and how businesses everywhere (with special emphasis on those within the State of Ohio) can prepare for changes coming down the pike.
At this time, there are currently two tax reform plans being kicked around by lawmakers: the Trump Plan and the House GOP Plan. While each plan offers unique provisions, there are certainly similarities between the two that should be noted, particularly those that note:
- The alternative minimum tax
- Taxes on exports/Imports
- The corporate tax rate
- Pass-through tax rates
- Employee-provided childcare
- Medicare Tax
- Capital gains
President Trump and Congress both have their own ideas for how each topic should be addressed, but what remains certain is that the points outlined above are currently on the table. Ashley provides specific details in her discussion with Dave – including when changes will likely take effect.
Listen to this episode for some excellent tips to help you take advantage of potential tax breaks coming down the pike.
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official transcript
Click here to read the official transcript for episode 70: “the trump plan: taxes are-a-changin’.”