The election of Donald Trump, along with Republicans retaining control of both chambers of Congress, will likely result in an overhaul of the U.S. tax code next year. This article provides a brief recap of the election results and an overview of Trump’s tax proposals.
The IRS recently issued its 2017 cost-of-living adjustments. Because inflation remains relatively in check, many amounts increase only slightly, and some stay at 2016 levels. As you implement 2016 year-end tax planning strategies, be sure to take these 2017 adjustments into account.