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Trump Tax Reform Calculator

The Trump tax reform proposal will be "the biggest tax cut and largest tax reform in history of this country," announced Treasury Secretary Steven Mnuchin on April 26th.

Although there is much more detail yet to be released, some of the highlights of the Trump proposal are as follows. Reduce the number of tax brackets from seven down to three; namely 10%, 25% and 35%. Small business owners who are setup as S-Corporations or Limited Liability companies and receive pass-through income via a K-1 or form 1065, will see their top rate reduced from 39.6% down to 15% on earnings distributions. Other features will be to double the standard deduction, eliminate the marriage penalty, the Alternative Minimum Tax (AMT) and the 3.8% Medicare surtax on net investment income introduced by the Affordable Care Act (Obamacare). For purposes of this calculator, and until we hear otherwise, we will assume that the child tax credit and personal exemption phaseouts will remain in place.

Use this tax calculator tool to help estimate your potential 2017 tax liability. We will continually refine the calculator as more information becomes available.

Income and Tax Information

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.