The United States of America is in “The Red”: What does that mean for you?

Donald J. Trump pulled off something many thought was impossible, he won the Presidency of the United States of America, which left everyone seeing RED – on the map that is.

So what does that mean for individuals or for you as a business owner? Obviously, President Elect Trump will not “make American great again” overnight. However, a brief summary of several items on his agenda from his campaign are mentioned below:

HEALTHCARE:

  • Repeal Obamacare
  • Allow consumers and small businesses opportunity to purchase healthcare plans across state lines
  • Allow individuals to deduct their health insurance premiums
  • Easier for generic drugs to enter the marketplace

ECONOMY & TAXES:

  • Compress the seven current individual tax brackets to three rates – 12%, 25% and 33%
  • Double the standard deduction to $15,000 for singles and $30,000 for married couples
  • Repeal the alternative minimum tax (AMT)
  • Cut corporate tax rate from 35% to 15%
  • Eliminate the estate tax
  • Eliminate all tax deductions/incentives (except) R&D tax credit

One pressing issue on everyone’s mind is the new Department of Labor (DOL) Overtime Ruling.  As it stands, this ruling will still go into effect December 1st.  Hartmann, Blackmon & Kilgore, P.C. (hb&k) will continue to monitor any development over the next few weeks and months and you can count on us to keep you informed.

While it is still too early to predict how implementing the above items will affect us going forward, we can all be certain of one thing, there will be CHANGE.