Trump Tax Plan and You: WSJ Answers More of Your Questions
By Laura Saunders
In the wake of the tax overhaul proposed last month by President Donald Trump and Republican lawmakers, we asked Wall Street Journal readers to send us their questions. Ever since, we have been inundated with queries about everything from medical deductions to small-business operations.
In general, the Trump plan would cut rates sharply on corporations and large so-called pass-through businesses such as partnerships and limited-liability companies, in hopes of stimulating economic growth.
Meanwhile, the proposals would lower rates somewhat for many individuals and broaden the tax base by limiting specific breaks, some of them highly popular.
Because the proposals lack crucial details, it's hard to predict how individuals or families would fare under them -- especially if they have children. Lawmakers could take months to hammer out specifics.
The first batch of questions last week focused on the proposals' effects on the national debt, capital-gains tax rates and other issues. This week, we look at property taxes, overseas Americans, alimony and other topics.
Here are our responses to more reader questions, which have been lightly edited for clarity.
Q: I've heard they're eliminating deductions for state and local taxes. Does that include the one for my property taxes?
Yes, the proposal would eliminate deductions for property taxes as well as for state and local income and sales taxes.