taxes Trump's Tax Plan Outline of Trump's 2025 proposed tax plan Clark Allison Jan 12, 2025 Summary of Trump's new tax plan from Michael Baldridge: 'One big, beautiful bill' plans to make that even better in 2025Here's a breakdown of exactly what's in Trump's tax plan:— Mitchell Baldridge (@baldridgecpa) January 12, 2025 Major individual benefits -- Keep lower tax brackets- Kill SALT cap of $10k (huge in high tax states like CA, NY)- Estate tax exemption stays at $13.99M- Zero tax on Social Security benefits- No tax on tips!— Mitchell Baldridge (@baldridgecpa) January 12, 2025 Timing matters -Speaker Johnson wants this passed by APRIL through reconciliation. That means big decisions are coming fast.However, Kiplinger's says these changes start in 2025/2026 after the natural phase out of TCJA, and will not be retroactive to 2024.We'll see!— Mitchell Baldridge (@baldridgecpa) January 12, 2025 taxes
Summary of Trump's new tax plan from Michael Baldridge: 'One big, beautiful bill' plans to make that even better in 2025Here's a breakdown of exactly what's in Trump's tax plan:— Mitchell Baldridge (@baldridgecpa) January 12, 2025 Major individual benefits -- Keep lower tax brackets- Kill SALT cap of $10k (huge in high tax states like CA, NY)- Estate tax exemption stays at $13.99M- Zero tax on Social Security benefits- No tax on tips!— Mitchell Baldridge (@baldridgecpa) January 12, 2025 Timing matters -Speaker Johnson wants this passed by APRIL through reconciliation. That means big decisions are coming fast.However, Kiplinger's says these changes start in 2025/2026 after the natural phase out of TCJA, and will not be retroactive to 2024.We'll see!— Mitchell Baldridge (@baldridgecpa) January 12, 2025