EY Says Trump Cuts May Be Tax Push for High Incomes

The video discusses a new tax framework, highlighting a reduction in the top tax bracket from 39.6% to 35%, with potential new brackets for high-income earners. It covers the impact on itemized deductions, such as mortgage interest and charitable contributions, and the loss of state and local tax deductions. Reactions from high-tax states indicate dissatisfaction, as the changes may not benefit high-income individuals. The video advises on 'no regrets' planning, suggesting actions to maximize current deductions before potential future changes.

What planning strategies are suggested for individuals in the 39.6% tax bracket?

What potential changes to itemized deductions are mentioned for the future?