Steven Hollingworth, a partner at the Las Vegas-based trust and estate litigation firm Solomon Dwiggins & Freer, visited 13 Action News to talk about President Trump Tax proposal.
The biggest piece of President Trump’s tax reform plan is centered on tax reform for businesses and corporations. It would affect businesses of all sizes and structures in Nevada. Currently, the corporate tax rate is about 35%. The proposal is for a 15% tax rate. The idea is the lower the taxes on Nevada businesses, the more they can grow.
There is also a push for a standardization of tax rates across different business forms. For example, corporations are taxed differently than sole proprietorships.
There is also a proposal to double the standard deduction, which could be more of a tax break for local individuals and families, especially since we don’t have state income tax.