The outcome of the U.S. presidential election is now known: Donald Trump will assume the presidency of the United States for the next four years. It is easier to foresee the tax modifications that could be implemented by the new U.S. president.
This document discusses the main electoral promises put forward by President Trump during the campaign.
For individuals, tax reductions are to be expected for all taxpayers. The alternative minimum tax would also be abolished, along with the 3.8% Obamacare Tax. Estate tax would also be replaced by a tax on added values applicable in cases where the deceased’s estate is greater than US$10M. For companies, the tax payable on profits repatriated from foreign companies would be limited to 10% and the alternative minimum tax would also be abolished. However, the generous domestic production activities deduction would be withdrawn.
Read the PDF document [Version with tax rates in effect in Quebec]
Version with tax rates in effect in Ontario (document available in English only)
28 Nov 2016 | Written by :