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Trump Tax Plan Could Save LeBron James Over $15 Million Per Year

Source: forbes.com - Nov 11, 2016

The election between the two most unpopular candidates in US history is now, mercifully, over. Millions of people are ecstatic, although even more are disappointed based on the popular vote. Feelings aside, Donald Trump will begin his presidency with a Republican-controlled House and Senate eager to immediately cut taxes. President-elect Trump’s tax overhaul, if passed, will affect nearly every professional athlete’s wallet. Below are some highlights.

Tax Rates

All athletes will save taxes via a simplified three-tier tax bracket system, coupled with a drop in the highest bracket from the current 40.5% (including the Medicare Surtax, which will likely be gone under Trump’s plan) to 33%.

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Category: IRS