Individuals
39.6%
the new top marginal tax rate for individuals
Increase in the top capital gains rate from _ to _
20% to 25%
26.5%
Tax rate on corporate income exceeding $5 million
Surcharge applied to high income trusts and estates
3%
Surcharge on individuals with AGI over $5 million
3%
New mandatory capital gains holding period
5 years
18%
Tax rate for corporate income under $400k
QBI or Section 199A
Child and dependent care credit for multiple dependents
$16,000
Effective date
taxable years after the date of enactment of the tax plan
Tax rate for corporate income between $400k and $5 million
21%
Maximum pass-through deduction for trusts and estates
$10,000
$3,600
Child tax credit for child under age of 6
After what amount do capital gains get taxed as ordinary income?
$1 million
Amount for phase out for corporations
$10 million
What type of retirement plan is getting hit the hardest
ROTH IRA
Cap on itemized deductions for income over $400,000
28%
At what percentage will capital gains in excess of $1 million get taxed?
39.6%
What type of corporation is not eligible for graduated rates
Personal Service
What is a step-up basis?
Tax benefit upon inheritance of a deceased person's estate in which you receive the property at its fair value