What Trump's Tax Plan Could Mean for Your California Business

San Francisco Business Times
May 12, 2017
"What Trump's Tax Plan Could Mean for Your California Business"

Brian Donnelly, a tax partner and firm chair at Farella Braun + Martel, commented on what the White House's proposed federal tax plan could mean for California businesses.

In the article, Mr. Donnelly said, "The lower federal rates could offset itemized deductions, meaning that a California taxpayer’s final tax bill may "end up essentially the same. Importantly, all itemized deductions, except for mortgage interest and charitable contributions, would go away under the Trump plan." 

All the experts in the article cautioned businesses should take a wait-and-see approach. "Take a deep breath and buckle in for a long, and likely strange, ride. Major federal tax changes are difficult to implement under any circumstances, and at this point the White House has many differences with the Republican-controlled Senate and House and even more differences with the Democrats," Mr. Donnelly said.  

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