TAX CHANGES COMING IN 2017
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Tax Changes Coming in 2017 Get ready for new federal tax rules from Congress this year. Candice DeClark-Peace, a business advisor with Clark Schaeffer Hackett, provided the rundown at Greater Dayton REIA’s Third Wednesday meeting (12/21/2016). Among the changes favored by the incoming Trump Administration and the Republican majority in Congress: a cut in the top income tax bracket tax from the current 46.3 percent to 33 percent. Republicans also want to cut the current top corporate tax rate of 35 percent to 15 percent, DeClark-Peace told attendees at the meeting. Trump and Congressional Republican also propose eliminating the Alternative Minimum Tax, she said. In return for the lower tax rates, Republicans are expected to place new limits on itemized deductions and benefits for charitable contributions, DeClark-Peace said. Also expected this year, according to DeClark-Peace: restrictions on the IRS Chapter 1031 investment property exchange rules, which she said would be aimed at curbing what tax regulators see as abuse of the provision by some investors. DeClark-Peace said taxpayers can expect the changes to become effective this year.
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