President Trump's First 100 Days in Office
Since Franklin Roosevelt, who moved with unprecedented speed to address the nation's
Depression-era problems, the first 100 days of a president's administration have been viewed
as a benchmark of their top legislative aspirations and early success.
President Trump, as promised, hit the ground running in his second term. In a show of executive
force arguably not seen since Roosevelt, Trump signed a flurry of executive orders and
introduced measures in the first 100 days of his second term, such as increasing tariffs and
slashing the federal workforce, that have drawn mixed reactions, prompted legal challenges,
and injected uncertainty into markets.
His honeymoon period may be over, but the dust is still far from settling on the early returns of
the second Trump administration. Amid these uncertain times, when much remains up in the air
politically and economically, advisors can focus on hedging against potential outcomes and
shoring up fundamentals as we keep a watchful eye on Trump 2.0 developments.
Estate, Tax, and Wealth Planning Implications of Trump's Actions
The second Trump administration has prioritized several tax policy initiatives that could impact
clients' finances and related planning.
Trump and Republicans want to extend many provisions from the expiring Tax Cuts and Jobs
Act (TCJA) that the president signed into law in his first term.1 There could also be new tax cuts,
such as Trump's proposal to eliminate taxes on tips, overtime pay, and Social Security benefits.2
Here are some of Trump's and the GOP's reported tax priorities for their economic package:
- Estate and gift tax. The TCJA doubled the estate and gift tax exemption to historically high
levels that are set to expire in 2026. Senate majority leader John Thune introduced a bill in
February to repeal the estate tax, sometimes referred to as the death tax.3 Further, a full
repeal of the estate tax is reportedly part of the tax bill negotiations.4
- Individual and business tax cuts. The TCJA also included several provisions that benefit
businesses and individual taxpayers, including pass-through income deduction, business
expense deductions, changes to income tax brackets, mortgage interest and charitable
donation deductions, an increased standard deduction, and additional tax relief via the Child
Tax Credit. Extending the TCJA would likely keep these tax benefits in place.
- State and local tax (SALT) deductions. The administration is considering removing or
increasing the current $10,000 cap on SALT deductions imposed by the TCJA.5 This change
would help taxpayers in states with high property and income taxes, allowing for greater
federal tax deductions.
- Closing the carried interest loophole. Trump has stated his intention to close the carried
interest loophole that allows investment managers of private equity and hedge funds to
benefit from reduced capital gains tax rates on carried interest, provided a three-year
holding period is met.6
- Capital gains taxes. The TCJA separated tax-rate income brackets for capital gains and
dividend income from the tax brackets for ordinary income. If the TCJA expires and this
provision is not addressed legislatively, some taxpayers could face higher capital gains
taxes in 2026.7
Estate and financial plans should be flexible enough to respond to changing market conditions
and new legislation. Advisors can encourage clients to incorporate plan provisions that allow
adjustments to asset distributions, with an emphasis on adaptability, diversification, and longterm planning. We can also focus on planning fundamentals, such as updating wills and trusts,
creating an incapacity plan, updating beneficiary designations, and locking in current exemption
levels.
Working together, we can turn uncertainty into opportunity and deepen client relationships at a
time when many may be looking for a steady hand to guide them through the transformations of
a new presidency. We welcome your call to discuss how we can help you and your clients
prepare for whatever comes next.
MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
