Now that Donald Trump has been elected as the United States’ next president, taxes are expected to extremely drop. While Clinton planned to increase the tax imposed on wealthy Americans, Trump is hoping to cut taxes by $6.2 trillion in the coming years. While this may seem promising for all, only the top 1% of taxpayers will actually reap a substantial benefit. While they will receive a 13.5% increase in their income after taxes, the middle class is expected to only receive a 1.8% increase.
Taxpayers are being encouraged to take advantage of the coming changes by deducting as much as they can for this current year and attributing the income to years to come.