January 2017 – Q: How will we be impacted by Donald Trump’s new tax plan?
A: We are not likely to know soon what changes to the personal tax code will be implemented. In fact, it is possible that changes to the personal tax codes will not be put in place for 2017.
That said, there are other changes far more important to most of us, such as changes in Medicare, Medicaid, Social Security, and, of course, our health care system. I believe these will be made stronger for the long term. I hope that the Trump administration will tackle these issues before they address the personal income tax code. The corporate tax code is far more important to accomplish in 2017.
The real victory and peace that we can take from Trump’s plans are the shoring up of Social Security, healing our health care system, and – most importantly – providing a pro-growth environment. As the old saying goes, a rising tide lifts all boats.
I believe God is giving America another chance. I’m hoping that personal income tax changes will pale in comparison to the good that the new administration will do for future generations.
Dan Celia has been in financial management for more than 30 years. He works closely with AFA Foundation and can be heard six days a week on AFR Talk (afr.net).
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