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Home>UPDATE: Why Trump's tax plan could be a big win for retirement savers

UPDATE: Why Trump's tax plan could be a big win for retirement savers

UPDATE: Why Trump's tax plan could be a big win for retirement savers

09/29/2017

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

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