What President Trump means for your taxes
Unpacking the fiscal ramifications of a surprising election.
What a surprise.
The surprise was really for those who were laughing or crying about the entire Republican primary process and the presidential nominee of its party. Donald Trump and his platform should be congratulated on winning the election. He never changed his rhetorical approach from the first primary to the presidential debates. He argued with anyone who got in his way. He won with his approach, and it doesn’t appear that he will change it since the question is, “why should he?” What he has done got him elected. Let’s look at what that may mean to the dentist and his or her tax situation, and what the future may bring.
What will be first?
The entire Republican mantra from the passing of Obamacare has been to dismantle it, erase it, destroy it and do whatever is possible to remove it from its existence. The effect of this will change the economics of health care costs. The tax effect of that change will be seen. The tax plan of the Trump platform is kind of hazy, other than to make sure that Obamacare is over. It will be up to the Republicans to install a plan that is better than what exists. This will be a major revision, and it will be what our country voted to change. We shall see its effect and how fast it occurs.
The presentation to the people of the only candidate who understands the present tax code
Our next president has consistently orated how he understands and uses the tax code to get benefits to keep his taxes wherever they may be. It appears to many that he has not paid taxes in 20 years. No one knows, but it seems like that point may be true. He has stated on many occasions that he is smart, and those that pay taxes are not. He said that the regulations are there for people like him and there are many on each side of the aisle that do take advantage of what these rules allow.
Trump also said that he knows how to change the rules to make them fairer to the population at large, especially those with lower and middle income levels. Some have said the changes he expects to propose to congress will assist the wealthy at the expense of the masses. The people have spoken and do not believe that, or do not care. Congress will pass laws that will let us know what Donald Trump will want for the wealthy and for the middle class, since he will be letting these representatives know what he expects of them.
Up next: Trade deals and their impact on economics.