{"id":35319,"date":"2025-01-18T18:28:39","date_gmt":"2025-01-18T18:28:39","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/trump-tax-plan-dent-moses-llp\/"},"modified":"2025-01-18T18:28:39","modified_gmt":"2025-01-18T18:28:39","slug":"trump-tax-plan-dent-moses-llp","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=35319","title":{"rendered":"Trump Tax Plan &#8211; Dent Moses, LLP"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><span data-preserver-spaces=\"true\">When one party controls the White House, House, and Senate, it significantly increases the chances of passing major tax legislation. Republicans are expected to use budget reconciliation to bypass Senate filibuster rules, allowing them to enact legislation without Democratic support. However, with narrow majorities in both chambers, they\u2019ll need near-unanimous support within their ranks.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Budget reconciliation requires Republicans to agree on a budget resolution, specifying spending, taxes, and deficits, which congressional committees must follow when drafting legislation.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Key Focus Areas for 2025 Tax Legislation<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">The 2025 tax legislation will likely center on extending provisions of the Tax Cuts and Jobs Act (TCJA), many of which are set to expire, and advancing tax proposals from President-elect Trump\u2019s campaign.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Expiring TCJA Provisions<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Trump has proposed extending most TCJA provisions, including:<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Maintaining current tax brackets with a top rate of 37%.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Retaining the elevated standard deduction, used by around 80% of taxpayers.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Continuing the elimination of personal exemptions and miscellaneous itemized deductions exceeding 2%.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Keeping the $750,000 mortgage interest deduction limit and the $2,000 Child Tax Credit ($1,700 refundable).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Preserving the 60% AGI limit for charitable contributions and the reduced alternative minimum tax.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Extending the high estate and gift tax exclusion ($13,990,000 in 2025).<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">Trump has also suggested increases to the $10,000 state and local tax (SALT) deduction limit, including allowing $10,000 per spouse for joint filers.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Business Provisions<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Several TCJA business provisions are phasing out. Republicans have proposed restoring these in prior legislation which failed to pass:<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">100% deduction for research expenses.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Full bonus depreciation (phasing to 40% in 2025).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjusted business interest deduction limits.<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">Republicans have pushed to restore these provisions but faced Senate roadblocks. Additional provisions expiring post-2025 include:<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">The 20% qualified business income deduction.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Disallowance of moving expense deductions (except for military personnel).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Tax credits for Empowerment Zones, New Markets, and Opportunity Zones.<\/span><\/li>\n<\/ol>\n<p><strong><span data-preserver-spaces=\"true\">Trump\u2019s Tax Campaign Proposals<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Trump\u2019s campaign featured several tax ideas, though many lack details:<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">No Tax on Tip Income or Overtime<\/span><\/strong><span data-preserver-spaces=\"true\">: While novel, these proposals could complicate tax administration and be costly.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">No Tax on Social Security Benefits<\/span><\/strong><span data-preserver-spaces=\"true\">: This would reduce Social Security revenues but simplify tax rules for retirees.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Car Loan Interest Deduction<\/span><\/strong><span data-preserver-spaces=\"true\">: Modeled after mortgage interest deductions, this could increase itemized deductions.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Elimination of Double Taxation for Citizens Abroad<\/span><\/strong><span data-preserver-spaces=\"true\">: This may adjust existing tax credits and exclusions but challenges U.S. worldwide income taxation.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">End Clean Energy Credits<\/span><\/strong><span data-preserver-spaces=\"true\">: Particularly targeting electric vehicle credits, this proposal could face Republican opposition.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Corporate Tax Rate Reductions<\/span><\/strong><span data-preserver-spaces=\"true\">: Proposing a drop to 18%-20% or 15% for manufacturers, this could face resistance due to deficit concerns.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Sovereign Wealth Fund<\/span><\/strong><span data-preserver-spaces=\"true\">: Proposed as a revenue generator via tariffs.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Tariffs<\/span><\/strong><span data-preserver-spaces=\"true\">: Plans include tariffs on imports (10%-20%), goods from China (60%), and vehicles from Mexico (100%). Critics doubt their revenue potential and note regressive effects.<\/span><\/li>\n<\/ul>\n<p><strong><span data-preserver-spaces=\"true\">Outlook for 2025 Tax Legislation<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">The 2025 tax discussions will revolve around balancing tax breaks with budget reconciliation constraints. Negotiations are expected to be complex, yet significant tax legislation appears likely. As with the TCJA, phasedowns and expirations may play a role in managing the fiscal impact.<\/span><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>When one party controls the White House, House, and Senate, it significantly increases the chances of passing major tax legislation. Republicans are expected to use budget reconciliation to bypass Senate filibuster rules, allowing them to enact legislation without Democratic support. However, with narrow majorities in both chambers, they\u2019ll need near-unanimous support within their ranks. Budget [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[23279,23280,17198,10933,7356,1175],"dealstore":[],"offerexpiration":[],"class_list":["post-35319","post","type-post","status-publish","format-standard","hentry","category-accounting","tag-dent","tag-llp","tag-moses","tag-plan","tag-tax","tag-trump"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump Tax Plan - Dent Moses, LLP - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=35319\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump Tax Plan - Dent Moses, LLP - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"When one party controls the White House, House, and Senate, it significantly increases the chances of passing major tax legislation. 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