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President Trump's first couple weeks in office have been quite eventful, moving to repeal the Affordable Care Act, giving the green light for the Keystone XL and Dakota Access Pipelines to be constructed, immigration restrictions and of course "The Wall". Trump has proposed to use "comprehensive tax reform" as a means to tax imports from the countries that the US has trade deficits with; like Mexico, which imports around $50 billion annually. He also believes that by taxing these countries, the US could generate around $10 billion per year and that alone would cover the cost of the wall. Though little is known about the specifics of the plan, analysts believe the rate will be around 20 percent.

The proposed "border adjustment tax" would be in addition to Trump's lower corporate tax rate of 20 percent and an individual rate that tops out at 33 percent instead of 39.6 percent currently. With all of the proposed changes coming out of The White House, it would be wise for business owners to plan accordingly.