A question on the minds of many Americans is, “What does Trump intend to do about taxes?” now that he has taken office.
With the post-election furor, many individuals and businesses have been in a holding pattern waiting to see how income taxes and other taxes may be affected. During this time, there is uncertainty about legislative priorities and timelines. Businesses and individual taxpayers must wait while policies are debated.
Not knowing what the future will bring, let’s look at what we know so far about market responses to Trump’s election:
- The stock market has responded well. NASDAQ and most stock markets have been hitting all-time highs, indicating that the market perceives that Trump’s approach is going to be very business friendly and economically friendly – therefore, we can expect tax-friendly policies.
- Crypto has taken off. While cryptocurrency prices are trending somewhat higher, the real surge has been in crypto’s popularity. The excitement and activity around crypto centers on its potential as a reserve currency and the government’s friendliness to crypto. We expect greater clarity around regulatory changes and tax reporting in the coming days.
- Interest rates appear to be declining. We are now starting to see some interest rate declines from the Fed. Lower interest rates have positive implications for borrowing and investments.
These indicators all portend a great economic future!
If S.J. Gorowitz Tax and Accounting Services can answer any of your questions about what Trump will mean for your tax situation, please contact us at 770.740.0797 or email info2@SJGorowitz.com.
