WHAT IT IS AND WHAT IT WILL BE – IRS / CLINTON – TRUMP PROPOSALS SANTA ROSA CA

WHAT IT IS AND WHAT IT WILL BE – IRS / CLINTON – TRUMP PROPOSALS

The IRS has released Rev. Proc. 2016-55 announcing the exemptions and various tax adjustments for 2017.

• The annual gift exclusion remains at $14,000.

• The unified gift/estate exemption is adjusted to $5,490,000.

• Annual exemption for gifts to a noncitizen spouse is $149,000

• The tax on Breathing is $.50.

Clinton Proposed Tax

• Increase in Capital Gains Tax

• Surcharge on Incomes over 5 Million

• Payroll Tax Hike

• Lower and Middle Income Tax Relief

• Double the Child Credit of 2K

• Care Giver Tax Credit

Trump Proposed Tax

• Reduced tax rates at every bracket

• 3 Rates for every American – 12%, 25% and 33%

• Standard Deductions would be raised to 30K

• Capital Gains Tax Stay as is

• Expand Dependent Care breaks

• Tax Savings accounts for Child Development and Elder Care