Politics & Finances

A Breakdown of Donald Trump's Tax Plans

8/30/2020

As we are moving closer to the 2020 presidential election, we now know who our candidates will be when it comes time to vote.

With just a few months left, we continue to work to gain a better understanding of the fiscal, legislative, and other policies each candidate has proposed and how those will impact us should a particular candidate win in November.

Today, we will review incumbent candidate President Donald Trump's tax policy. Please note that our intention is to provide an unbiased analysis of Trump's policy proposals and does not indicate an endorsement for (or any opinion on) either candidate.

THE TAX CUTS AND JOBS ACT OF 2017

In December 2017, the Trump administration passed the Tax Cuts and Jobs Act, which included legislation impacting U.S. individual taxpayers and businesses.

Adjusted Individual Tax Brackets

Individual tax brackets were lowered by between 2.6 and 4%. In addition, the income ranges were adjusted, effectively lowering the individual taxpayer marginal tax rates. The highest tax bracket was reduced from 39.6% for those making over $426,700 ($480,050 for married taxpayers filing a joint return) to 37% for those making over $500,000 ($600,000 for married couples filing a joint return).

Standard Deduction

The standard deduction for taxpayers nearly doubled under the Tax Cuts and Jobs Act. In 2019, the standard deduction was $12,200 for single filers and married individuals filing separately, $18,350 for head of household, and $24,400 for married taxpayers filing a joint return.

Personal Exemption and Child Tax Credit

The Tax Jobs Act increased the value of the child tax credit for taxpayers from $1,000 to $2,000 while also increasing the AGI for phasing out the credit from $110,000 to $400,000. The refundable portion of the child tax credit was increased to a maximum of $1,400 for each child. In addition, the act introduced a $500 tax credit for other dependents.

The tax legislation also eliminated the personal exemption for taxpayers as a deduction from income.

Itemized Deductions

The Tax Cuts and Jobs Act introduced significant changes to itemized deductions.

The state, local, sales, and property tax deduction has been limited to $10,000 on an annual basis.

For those who take the medical expense deduction, the AGI limitation was reduced from 10% of adjusted gross income to 7.5%.

Prior to the passing of the Tax cuts and jobs Act, the mortgage debt limit for taking the mortgage interest deduction was $1,000,000. The passed legislation reduced this limit to $750,000.

In addition, the ability to deduct interest related to home equity loans has been reduced with the exception of indebtedness used to build, buy, or substantially improve the home securing the loan.

Charitable Contributions

For those who can take the charitable deduction for cash contributions, the total allowable deduction has increased from 50% to 60% of adjusted gross income.

BUSINESS PROVISIONS OF THE TAX CUTS AND JOBS ACT

The Tax Cuts and Jobs Act also included numerous provisions impacting businesses and corporations.

Qualified Business Income Deduction

Legislation introduced the Section 199A deduction which allows a reduction of income for certain types of business income from pass-through entities of up to 20%.

Limits on Business Interest and the Meals and Entertainment Deduction

The 2017 legislation eliminated the deduction for business meals and entertainment expenses, with the exception of meals where the taxpayer or employee are present, and the meals are not considered to be extravagant. These can continue to be deducted at the 50% rate.

The business interest deduction for businesses with less than $25 million in gross receipts has been reduced from a maximum of 50% of adjusted taxable income to 30% of adjusted taxable income.

Other legislation impacting a business' lobbying expenses, excess business loss, and net operating losses were also included.

The business provisions of the Tax Cuts and Jobs act also included legislation covering depreciation, fringe benefits for employees, opportunity zone initiatives, and updates to certain business structures and accounting methods.

One of the notable depreciation provisions outlined in the legislation allows companies to expense 100% of the value of business property which is acquired and placed into service between September 28, 2017 and December 31, 2022. Once the 100% expensing period has expired, taxpayers will be able to continue to expense business property acquisitions at a rate reduced by 20% per year, until the provision expires on December 31, 2026.

In addition, the income threshold for Section 179 depreciable business assets was increased from $1 million to $2.5 million.

POTENTIAL NEW TAX LEGISLATION

The Trump administration has proposed wanting to consider an extension of the Tax Cuts and Jobs Act past 2025 when the tax provisions are expected to expire.

According to White House representatives, the president is considering legislation surrounding middle class income tax cuts and changes to the capital gains tax rate in an effort to spur the economy.

The Trump administration has also looked at the potential to pass legislation that would permanently eliminate the payroll tax for taxpayers.

The Trump administration has noted that it plans to present Tax Cuts 2.0 prior to the election which will help to provide additional insights into Trump's proposed tax legislation.

With the election just a few months away, it will be important to understand what the tax plans are for each candidate and how that might impact you or your business.

If you'd like to learn more about the tax proposals coming from Joe Biden's campaign, you can read about them here.

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Spencer Wilson

Spencer Wilson, EA is a tax preparer based in Long Beach, CA. Spencer Wilson Financial Management Services has been serving the Greater Los Angeles Area and Orange County since 2004. <br /> We began in the heart of Naples in Long Beach and we continue to work hard offering tax preparation and planning, business accounting and bookkeeping and payroll services . <br /> We have helped many different people and businesses succeed financially and take control over their finances.

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TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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