As you are aware, the unconventional campaign and surprise election resulted in Donald J. Trump being elected the 45th President of the United States. In addition, the Republicans will retain control of both chambers of Congress, providing the incoming President with significant influence over tax policy beginning with tax year 2017. Both Trump and House Speaker Paul Ryan, historically the party’s “tax wonk” since the Republicans retook the House of Representatives in 2010, have made proposals throughout their respective campaigns on how to overhaul the current tax code for both individuals and businesses. While the plans differ slightly in substance, there are many major similarities that we should look to see enacted into law early in President-Elect Trump’s first term.
Chilton Trust Company