By: Amanda Wilson
The White House announced today that reducing the corporate income tax rate to 15% and repealing the 3.8 % net investment income tax are top priorities for tax reform. The 3.8% NIIT was implemented as part of ACA/Obamacare and apply to passive income (e.g., interest, dividends, capital gains) received by high net worth individuals.
It is unclear whether President Trump will be more successful in tackling tax reform than he was in repealing ACA/Obamacare. Stay tuned!