Trump’s economic plan involves cutting taxes, eliminating regulations, and overhauling trade deals. Doing so, he says, could help grow the economy at a 4 percent clip. (Currently, the U.S. GDP is growing at an annual rate of around 2 percent.)
Under Trump’s tax proposal, top earners—taking in more than $699,000 a year—would see average annual tax reductions of about $215,000, according to an analysis by the non-partisan Tax Policy Center.
Companies could see an even bigger payoff. He’d reduce the corporate tax rate to 15%, from where it stands now at up to 35%. Many small businesses operate as limited liability corporations, sole proprietorships, and S corporations, which are all pass-through entities. It’s not clear which pass-through entities would be eligible for the lower rate.
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business management business trends Donald Trump economic outlook election financial planning industry politics industry trends taxes
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