UPDATE: Why Trump's tax plan could be a big win for retirement savers
By Mitch Tuchman
What benefits companies could benefit you
Whatever you might think of our current president, you can't say he doesn't think big.
The Trump-GOP tax plan just announced (http://www.marketwatch.com/story/why-the-stock-market-isnt-banking-on-quick-action-on-trumps-tax-cuts-2017-09-28) has the potential to affect retirement savers in fundamental, long-term ways that could be positive for many Americans. The plan (http://www.marketwatch.com/story/text-of-tax-reform-framework-from-president-donald-trump-and-republicans-2017-09-27) is a long way from reality and is likely to see some changes before becoming law.
For now, here's the thumbnail version:
-- Corporate taxes fall to 20% from the current 35% (and some business deductions end)
-- A possible one-time lower rate on repatriated corporate income held abroad, perhaps at 10%
-- A 25% rate on "pass-through businesses," whose owners now pay higher, personal income rates