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.