What we know so far

  • Corporate rate cut to 20% immediately
  • unclear if corporate rate cut will be permanent
  • Repatriation rates: 12% cash, 5% other assets
  • 15% minimum tax on foreign income
  • 30% of pass-through income subject to lower rates
  • Top income tax rate would be at 39%
  • Estate tax would be phased out
  • not sure about compromise for the deduction of state and local tax

Regarding 401K the idea of lowering contribution to $2400 is off the table but do not know where it might settle.