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 PlanHouse GOP Plan
Income Tax BracketsCondense 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 Brackets0%
15%
20%
6%
12.5%
16.5%
Treatment of Bond InterestOrdinary IncomeInvestment Income
Medicare Surtax on Investment IncomeRepealRepeal
Standard DeductionsSingle: $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 ExemptionRepealRepeal
Alternative Minimum Tax (AMT)Repeal or MootRepeal or Moot
Expansion of Tax CodeAbove the Line Deductions
-Child Care
-Eldercare
-Dependent Care Savings Account (DCSA)
None

Dynamic Scoring (Effect on Federal Budget)

 

Negative 

Neutral

Are You Ready to Speak with a Financial Advisor?

Once you determine that it might be time to work with a financial advisor, it’s important to find the right advisor for you and your family. We’ve put together a guide of questions that are essential to ask an advisor before you hire them.

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Don’t make a mistake by working with the wrong financial advisor. Ask the right questions the first time to determine if a financial advisor is right for you.

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