What's on Deck for Your 2017 Taxes
The skinny on dividend and capital gains taxes, IRA and 401(k) contribution limits, and more.
As 2017 dawns, there's not a lot to get excited about when it comes to taxes and your investments. Contribution limits to IRAs and 401(k)s are the same as they were in 2016, for example, and the long-term capital gains rates for taxable investments is also staying the same.
But watch this space. President-elect Donald Trump laid out a number of tax-related goals during the campaign, including repealing the Medicare surtax, alternative minimum tax, and estate and gift taxes, while reducing the maximum ordinary income tax rate to 33%. The last proposal, part of a larger plan to simplify income-tax brackets from the current seven to just three, created a flurry of excitement following the election. Not only would it represent a significant tax reduction for high-income earners, but a substantially lower top tax rate would reduce the benefits of strategies such as charitable giving.