Category: Policy
What do President Trump's Policies Mean for Your Finances
Every new administration brings new challenges and new opportunities. Six months into the Trump Administration, there hasn’t been as much movement as we might have thought, but there are still some smart strategies you should keep in mind. First up, taxes. President Trump officially released his latest tax proposal in April. In it, he made a lot of suggestions. For example, he’s suggesting a cut in the corporate tax rate, from 35% to 15%, and pass-through entities like corporations and LLCs would also qualify for the 15% tax rate. He’s also suggesting doubling the standard deduction, and reducing the number of tax brackets from 7 to 3 – 10%, 25%, and 35%. He’s also suggesting eliminating the federal estate tax, repealing the alternative minimum tax, and Net Investment Income Tax. In terms of repealing and replacing Obamacare, another major campaign promise, The American Health Care Act(AHCA), was proposed in the House of Representatives on March 6th but failed to make it to a vote March 23rd. However, the MacArthur (R-NJ) Amendment to the AHCA allowed states to opt out of two of the law’s central provisions: 1. Requiring coverage for “essential health benefits" and 2. Barring insurers from charging people with certain preexisting medical conditions more than others in their general insurance pool The AHCA passed the House 217-213 on May 4th. It now moves to the Senate, where substantial revisions are expected. And, i
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