Edward Storer, financial wealth strategist and independent fiduciary and Founder and President of Edward Storer & Associates, looks at some of Trump’s proposed tax plans and reveals that there may be income tax cuts across the board.
Greenville, SC— December 5, 2016— Edward Storer, President and Founder of Edward Storer & Associates, published a new article post entitled, “Sweeping Changes Proposed for Taxes” in which Mr. Storer takes a look at some of Trump’s pre-election tax plans.
According to Storer, “If you’re wondering if the president-elect’s proposed tax plans will affect your wallet rest assured, Trump promises to bring sweeping changes to practically every taxpayer.” He adds, “Whether you’re retiring soon or not tax planning is more important than ever.”
“Everything I’ve read in the last week since the election,” states Storer, “indicates that most Americans will be paying lower taxes, with the exception of those earning the least. This group will see a 2% increase in their taxes.” He continues adding, “However there are additional proposed tax changes that indicate this group’s after-tax income would increase by 1.2%. The details of this proposed change are not yet available.”
As Storer reveals, “One change Trump is proposing that will affect every taxpayer is to reduce the number of tax brackets from 7 to 3. Currently the seven tax brackets have rates ranging from 10% to 39.6%. “ He continues adding, “Trump’s proposed rates are 12%, 25% and 33%. For instance, for those filing joint returns here are the three proposed federal income tax brackets: For those couples with an income of less than $75,000, taxes will be 12%. Couples earning more than $75,000 but less than $225,000 will pay 25%. Those couples with an income more than $225,000 will pay the maximum tax of 33%.”
According to Storer, “Some financial experts are suggesting that with the proposed flat tax rates presumably coming that some taxpayers may want to defer income into next year since the tax rates may be lower.” He advises, “That may be favorable for some, however, before you make that kind of decision you’ll want to discuss this option with your tax planner.” “In the meantime,” says Storer, “we all must take a wait-and-see stance since nothing has been changed yet. Trump’s first 100 days in office will reveal whether or not these changes will be put in place or not.”
Read the whole article post here.
About Edward Storer
Edward Storer is President and Founder of Edward Storer & Associates located in Greenville, South Carolina. Edward is a financial wealth strategist, an independent fiduciary, Certified Tax Coach, investment advisor, insurance advisor, and a retirement and estate-planning specialist. For more than 25 years, he has been helping clients plan “to and through retirement.” Edward Storer & Associates has been in business since 2003 and serves the greater Greenville area.
This content is provided for informational and educational purposes only. The information, analysis and opinions expressed herein reflect our judgment as of the date of writing and are subject to change at any time without notice. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation. All investments carry a certain risk and there is no assurance that an investment will provide positive performance over any period of time. Information obtained from third party resources are believed to be reliable but not guaranteed. Past performance is not indicative of future results. Edward Storer offers investment advisory services through Dynamic Wealth Advisors.