The Naperville Area Chamber of Commerce recently hosted a Lunch and Learn focused on President Trump’s tax plan.
John Miller, a CPA, Certified Financial Planner and Partner at Klein Hall CPAs, presented on President Trump’s tax vision and how it could impact people at every level, from individuals to big corporations.
Some of Trump’s proposed changes include simplifying the tax code, reducing the seven current tax brackets to three, and setting the corporate tax rate at a 15 percent maximum – something Miller views as a positive for everyone.
“With the lower tax rates, that is going to incentivize business owners to now take more business risks, grow their business, take more chances. They’re going to have more money. They see a greater return on their investment and the time,” said Miller.
In turn, Miller believes businesses will be able to hire more people and increase wages.
However, it is uncertain when any changes to the tax code will occur.
“It could be retroactive to 01/01/17, it could be sometime in midyear, or it could wait till the beginning of 2018. We just don’t know right now,” said Miller.
Those in attendance also asked questions and discussed potential impacts to their personal businesses.
Naperville News 17’s Evan Summers reports.
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