The tax policies are something that creates a direct impact on the lives of the people who are living in the country. In this presidential election in the US, the Republican candidate, Donald Trump, has stated some of the policy changes related to taxes, which will be something to witness if it gets implemented.
Tax proposals are a great way to get into the common choice book of the people as it helps to determine which candidate has better proposals for the citizens of the country. In today’s blog, we will look into the tax planning strategies of the former President and will find out how that will impact the people of the United States.
Donald Trump’s tax Proposal for his Presidential Role
There are a number of areas through which the presidential candidates are planning to cut taxes. When it comes to Donald Trump, he wants to introduce pro-corporation ideas like reducing the corporate tax rate to the extension of tax cuts which has been introduced in his tenure as the President of the United States.
Here are some of the prominent tax proposals that the Republican candidate has made for this presidential election.
1. Etending the Expiration of the 2017 Tax Cuts and Job Act (TCJA)
Trump has introduced the Tax Cuts and Jobs Act, where the maximum tax rate stands at 37%, and the provisions will be included. It was not there before the TCJ act, and therefore extension of this bill means the government will continue to take the same tax measures even after the date of expiry of such bill.
Here, a person can hire a San Diego sales tax attorney or from another location who can come and introduce the provisions to the individual, which helps them to get deductions and save on taxes.
2. Removing Taxes from the Social Security Benefits
The next proposal that the candidate is claiming is to remove all types of taxes that are there in the social security benefits. One of the main things the person who is withdrawing from social security is that low-income retiree pays low taxes, whereas high-income retirees pay more. With the removal of the tax from social security, both parties can now withdraw the full fund without paying any taxes.
3. Lowering the Corporate Tax to 15%
The final act of the candidate is the lowering of the corporate tax with the rationale of bringing more corporations to incorporate in the United States. The idea behind this rationale is that it will help the companies to create manufacturing units in the country and that will create jobs in that country.
A business tax lawyer is required if these changes get implemented, as a company needs to adjust its books to the new tax standards and file accordingly. However, there is a backlash from a group that claims that it will significantly reduce the government’s income and thus rteduce the income by a big number.
These are some of the predicaments of the presidential candidate from the Republican party, and thus, it has mixed reactions from different groups of people.
