It has been 30 years since the United States has seen a large tax overhaul. While there have been small changes to the tax code throughout the years, the last large tax changes occurred when President Reagan signed The 1986 Tax Reform Act. Tax reform is now front and center again and has gained a lot of traction with the new Presidential administration. As you may know the House and Senate have now voted on both of their tax reform bills and are hoping to have one bill approved before Christmas of 2017.
If you are not sure how it may affect you? View the article to see the full comparison chart as well as this graph of the different tax brackets that are being proposed.
This information is meant to be educational of the proposed tax reform changes and is not tax advice. Be sure to consult your own CPA or tax professional to review your personal situation. If you would like a referral to one of the CPAs we work with feel free to reach out to us for their contact information or you can review our referral page on our website: https://www.bairfinancialplanning.com/p/professional-referrals
Bair Financial Planning, WCG Wealth Advisors and LPL Financial are not affiliated with Baird Wealth Management.
Tax Brackets Under The GOP Plans
Note: This chart was last updated on Nov. 15.
Source: Tax Foundation, U.S. House Committee on Ways and Means, Joint Committee on Taxation
Credit: Alyson Hurt and Danielle Kurtzleben/NPR