2017 Possible Tax Reform Chart

December 29, 2016 | By Jon Powell, CFP®| Tax Efficiency

Last week we went over the primary effects and differences between Donald Trump’s tax plan and the tax reform proposal from the House GOP. Unless you were following closely, you may have glossed over some of the specifics. Instead of a new topic this week, we put together a tax reform chart summarizing the two proposals, side-by-side.

Trump Tax Plan House GOP Plan
Income Tax Brackets Condense Marginal Brackets
12%: $0-$75,000
25%: $75,000-$225,000
33%: $225,000+
Income ranges for married filers. Halved for single filers.
Condense Marginal Brackets
12%: Unspecified Range
25%: Unspecified Range
33%: Unspecified Range
Investment Tax Brackets 0%
Treatment of Bond Interest Ordinary Income Investment Income
Medicare Surtax on Investment Income Repeal Repeal
Standard Deductions Single: $15,000
Married: $30,000
Single: $12,000
Single w/Child: $18,000
Married: $24,000
Itemized Deductions -Keep all
-Cap at $200,000 (married), $100,000 (single)
-Eliminate all except Mortgage Interest & Charitable
Personal Exemption Repeal Repeal
Alternative Minimum Tax (AMT) Repeal or Moot Repeal or Moot
Expansion of Tax Code Above the Line Deductions
-Child Care
-Dependent Care Savings Account (DCSA)
Dynamic Scoring (Effect on Federal Budget)


Negative Neutral

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