Put Politics Aside and Consider Trump’s Tax Plan a Gift
No matter your political party, there could be some opportunities ahead for you to reduce your tax bill. Be ready to take advantage of them.


The tax plan President Donald Trump unveiled back in April was short on details but long on potential for retirees and pre-retirees.
Trump is also proposing the elimination of the alternative minimum tax, which is typically leveled against retirees or pre-retirees in northeastern states where state and property taxes are high. He wants to get rid of the estate tax altogether, which would allow certain high-net-worth taxpayers to move assets into trusts without any tax liability.
Even the rare individual whose taxes would increase under Trump might be able to override the negative implications with proper planning.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
It doesn’t matter if you’re a Republican or a Democrat — if Trump makes these changes stick, even for a little while, you should be prepared to take advantage. Consider this endorsement of tax planning by Judge Learned Hand in 1935:
“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the Treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”
This is what we do at our investment advisory firm every day. As a former tax attorney, I make it my mission to take fair advantage of tax breaks through detailed tax planning so my clients can retire with more of the nest egg they worked so hard to build. Essentially, we allow Uncle Sam to subsidize our client’s retirement by paying fewer taxes so our clients can take home more of their hard-earned savings.
Make no mistake, this tax plan could be a retirement game-changer — but you and your tax professional and financial adviser have to know how to make the most of it.
If you like President Trump, think of it as a promise fulfilled; if you don’t, consider it an olive branch. But regardless of whether you’re a Republican or Democrat, don’t look this gift horse in the mouth.
Kim Franke-Folstad contributed to this article.
Investment advisory services are offered through Calibre Investment Management, LLC, a Registered Investment Adviser. For a list of full disclosures, please click here and scroll to the bottom of the page.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Pete Lang is an Investment Adviser Representative and president of Lang Capital, with offices in Hilton Head and Charlotte, N.C. Now retired from the public practice of law and accounting after 20 years, Pete specializes in assisting his clients with investment, retirement and tax-planning strategies.. His background makes him uniquely qualified to handle the most complex retirement, tax and estate plans.
-
The New Travel Trend For Your Next Trip
"Noctourism" is a new trend of building travel and vacations around events and plans that take place at night. Take a look at some inspiring noctourism ideas.
-
With Buffett Retiring, Should You Invest in a Berkshire Copycat?
Warren Buffett will step down at the end of this year. Should you explore one of a handful of Berkshire Hathaway clones or copycat funds?
-
I'm a Financial Planner: How to Dodge a Retirement Danger You May Not Have Heard About
Timing is everything, and sequence of returns risk can mean the difference between a retirement nest egg that's overflowing … or empty.
-
Caring for Aging Parents: An Expert Guide to Easing the Financial and Emotional Strain
Early conversations, financial planning and understanding the progression of care needs can help to mitigate stress and protect family relationships.
-
I'm a Financial Adviser: The OBBB Is a Reminder for Older People to Have a Long-Term Plan
The new tax bill presents a good opportunity for retirees to revisit tax plans, look into doing some Roth conversions and consider plans for long-term care.
-
I'm an Insurance Expert: This Is Exactly Why Your Insurance Rates Are Soaring (and What You Can Do)
A dramatic rise in the frequency and cost of severe weather and wildfires means you need to prepare, prepare, prepare — no matter where you live — for higher premiums.
-
Q3 2025 Post-Mortem From an Investment Adviser: Markets Continue to Climb, Gold Shines
The third quarter saw market gains driven by Fed rate cuts and strong earnings, despite high valuations and concerns about speculative trading and job growth. Gold and international stocks could be potential hedges.
-
Moving Abroad? You Might Need a Cross-Border Financial Adviser
If you want to live in another country long term, you could benefit from an expert's guidance. Here's how to find a good qualified adviser to help with residency requirements, documentation, financial laws and tax impacts.
-
Eight Ways to Stay Safe When Making Cashless Payments
Consumers are ditching cash for the convenience of digital payments, but fraudsters are right behind you. Just a few simple steps can help you stay safe.
-
I'm a Financial Planner and a Parent: Here Are Five Money Habits Every Young Family Should Have
When children are young, it can be hard to meet immediate costs, let alone save for the future, but these five habits can help build lasting financial security.