Local tax attorney optimistic about effects of Trump tax plan - KPLC 7 News, Lake Charles, Louisiana

Local tax attorney optimistic about effects of Trump tax plan

(Source: KPLC) (Source: KPLC)

A local tax attorney said if President Donald Trump's tax plan is implemented, it will mean a lower tax bill for businesses, big and small.

"That has the potential to be one of the biggest game changers in American tax history, because if you started to allow small businesses to only be taxed once and be taxed at a 15 percent rate, the potential for unleashing economic growth with something like that could really be extraordinary," said Rusty Stutes, certified tax attorney.

He said the plan would also lower taxes for almost everyone.

"Most of your married folks making $100,000 or less are going to pay little to no tax because the plan also proposes to take the standard deduction and just about double it to about $24,000, which will remove a lot of your middle-class families almost entirely from the tax rolls - to the extent they are taxed it would be at that lowest rate of 10 percent,"said Stutes.

As unveiled, the plan would also eliminate the tax on assets when someone dies.

"They're talking about a permanent repeal forever now on the estate and gift tax which I would view as a positive development. I think that's an unpopular tax with just about everybody," he said.

Also, a one-time tax would allow companies to bring back money overseas to the U.S. and make U.S. companies more competitive.

"You're also talking about the stimulative effect that bringing $2-to-3 trillion back into the United States and investing it would have a tremendous impact on the economy," said Stutes.

He said reducing tax rates actually increases revenue.

"The tax rate that produces the most revenue is the tax rate that's closer to one percent than it is to 99," said Stutes.

Stutes predicted some form of tax reform will likely pass and take effect later this year or in 2018.

Copyright 2017 KPLC All rights reserved

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