While there are thousands of potential changes to the tax code that could be proposed, the biggest changes will likely come from an attempt to simplify the current system, reduce corporate taxes, and reduce the marginal tax rates for personal income taxes.
Even if taxes are reduced at the federal level, there could be a catch for residents of Illinois and other high-tax states. Currently you are able to deduct your state and local taxes from your federal tax bill. However, some of the tax reform proposals suggest eliminating or capping these deductions to offset the reduction in federal tax revenue.
We know from history that when Reagan tried eliminating the deduction for state and local taxes, Congress defeated it. But, we do not know what would happen today.
We will continue to monitor tax changes and how they may relate to you.