Understanding Potential Tax Changes

What is one of the major changes brought by the 2017 Tax Cuts and Jobs Act (TCJA)?

• Doubling the standard deduction

• Eliminating the estate tax

• Raising the minimum wage

• Increasing the corporate tax rate

What potential change to Social Security benefits has been proposed?

• Increasing the retirement age

• Eliminating taxes on Social Security income for retirees

• Reducing monthly benefits

• Introducing a new Social Security tax

What is the current cap on state and local tax deductions, also known as the SALT cap?

• $20,000

• $15,000

• $10,000

• $5,000

What is the proposed tariff on all imports suggested by Trump?

• 10%

• 20%

• 30%

• 40%

What is the current lifetime gift and estate tax exemption per individual?

• $7 million

• $10 million

• $14 million

• $20 million