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Trump Taxes

by Michael Polzella

Perhaps the first proposal from the Trump administration will be a large income tax cut. During the campaign, the president-elect proposed sizable tax-rate cuts that could lower federal income tax revenue by $6 trillion over the next 10 years.

Most of this reduction will go to higher-income taxpayers for one simple reason – they pay the vast majority of federal income taxes. However, Treasury secretary-designate Mnuchin recently indicated top income taxpayers would not see big savings, because they also will have their deductions and credits reduced.

Stay tuned – a battle may be brewing between rates and loopholes!

Dr. Mike Walden, Ph.D., NCSU

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