After promising widespread tax reform during his campaign, President Trump looks set to get started on it this month. During the campaign he called for a massive tax cut which saw him gain great popularity amongst voters, but the realities of the tax cut may be quite different.
Bloomberg projects that “if you save for retirement or itemize your tax deductions, you could end up paying thousands of dollars more after tax reform than you do now. Upper-middle-class taxpayers in particular could face a triple whammy. On the table are limits on—or even the elimination of—three of their favorite tax perks: deductions for mortgage interest and for state and local taxes and the ability to make pre-tax 401(k) retirement contributions.”
Such measures could have a profound effect on successful small business owners. Take some time to read through Bloomberg’s full report at bloomberg.com. To receive more updates such as these, subscribe to our free newsletter down below.
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