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Fenner, Melstrom & Dooling, PLC

Accountants who think like business owners.

We are your strategists, advisors and confidants.

We treat your business like our own: spending time at your facilities, participating in your planning and assigning senior professionals to guide you.

Our ultimate goal is to help you make more money. Working with us, you will learn to increase earnings and keep more for yourself. 


Fenner, Melstrom & Dooling - Detroit Metro Area Accounting Firm



FMD Updates

White House Framework for Tax Reform

President Trump and Republican leaders in Congress unveiled a framework for tax reform on September 27. The nine-page framework broadly describes tax proposals ranging from lower rates for individuals and businesses to repeal of certain tax preferences, but it leaves actual legislative language to congressional tax writing committees. Democrats, who were not involved in the release of the proposals, expressed support for middle-class tax relief but cautioned they would work to defeat proposals that cut taxes for higher-income taxpayers. The proposal may also hit a roadblock from lawmakers who want deficit-neutral tax reform.

Framework

According to the framework, “President Trump has laid out four principles for tax reform: First, make the tax code simple, fair and easy to understand. Second, give American workers a pay raise by allowing them to keep more of their hard-earned paychecks. Third, make America the jobs magnet of the world by leveling the playing field for American businesses and workers. Finally, bring back trillions of dollars that are currently kept offshore to reinvest in the American economy.”

Individuals

The current seven tax rates for individuals would be consolidated into three: 12, 25 and 35 percent. The Trump/GOP plan does not describe the income levels for the proposed rates. The framework also calls for an unspecified "additional top rate, [which] may apply to the highest-income taxpayers to ensure that the reformed tax code is at least as progressive as the existing tax code and does not shift the tax burden from high-income to lower- and middle-income taxpayers." No mention was made within the framework of the fate of the current zero, 15 and 20 percent capital gains rates.

The Trump/GOP plan would increase the standard deduction for individuals to $24,000 for married taxpayers filing jointly and $12,000 for single filers. The framework, however, ...


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