New Administration and GOP- Controlled Congress Expected to Move Fast With Tax Cuts Package.
2017 is most certain to be a crucial year. With the election of Donald Trump as the president of the united states, many tax reforms are expected to impact the upcoming year. The IRS has issued several regulations in 2016 that affect corporate taxation, individual taxation, international taxation, health care and more. Looking ahead those recently passed regulations are expected to be amended or overturned to align with current administration tax policies. The current corporate tax rates of 39% are among the projected changes and are expected to decrease sharply. According to bank officials, the tax breaks are designed to encourage domestic production, increase investment and hiring and stimulate the economy.