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The 2024 Presidential victory of Donald Trump marks a big
shift in U.S. economic policy, much of which revolves around tax reform. The centrepiece
of his proposed tax plan includes changes that would rewrite the financial
shape of the country for businesses and individuals. Trump's policy seeks to
reduce corporate tax rates, provide tax relief to small business owner and
depending, workers to encourage growth, innovation, and economic opportunity.
But the repercussions for families, entrepreneurs and the economy are
uncertain.
Key highlights include:
Corporate Tax Cuts: One plan: Reduce the corporate
tax rate from 21% to 15%, to try to spur US business growth.
Individual Tax Relief: Lowering of top individual tax
rates from reducing disposable income for high earners.
Estate Tax Exemption Increase: To benefit wealth
transfer, doubling the federal estate and gift tax exemption.
Import Tariffs: Incentives for domestic manufacturing
through proposed tariffs to reduce dependency on imports.
Small Business and Family Caregiver Tax Credits:
Policies that reinforce small businesses and caregivers of aging or handicapped
relatives.
If you want to know how these changes could impact your
business or investment, read the full PDF and dive deep into the economic
shifts you could expect. Water & Shark is here to walk with you as you
navigate these upcoming changes with confidence and could help prepare for how
they may affect your financial strategy.
