Campaign promises are more often made than kept, yet the first hundred days in office for Donald Trump will surely answer some of the unsettling questions regarding taxes and money. I see two areas where financial planners could feel a direct impact from this election very quickly.
The first is taxes. Many of candidate Trump’s proposals were made off-the-cuff and some are contradictory, but you can expect President Trump to make an effort to change our tax code. He has proposed simplifying our federal income tax to three brackets for ordinary income: 12% (up to $75,000 for joint filers), 25% ($75,000 to $225,000) and 33% (above $225,000). The wish list includes a doubling of the standard deduction, with itemized deductions capped at $200,000 for joint filers ($100,000 for single filers). Capital gains taxes would be capped at 20%.
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