On April 26, the Trump Administration laid out a terse proposal for sweeping tax law changes. The current plan bears little resemblance to the ideals Trump espoused on the campaign trail, but it still offers many benefits for affluent taxpayers. The proposed tax cuts would eliminate the estate tax, the alternative minimum tax, and the 3.8% net investment income tax. The cuts would also reduce the highest marginal income tax rates for businesses and individuals. While these tax reductions would benefit many Americans, there is some concern among planners and advisors that there are additional implications that may negatively impact some clients.
See Eric L. Reiner, Little Tax Plan Promises Big Benefits For Wealthy Clients, Financial Advisor, May 22, 2017.
