That’s likely very true. Although I have to say, it would be easier to understand this summary if there weren’t so many typos in it. Cripes.
I’m sure my inbox will fill up with blasts from CPA firms by this afternoon, but I have to say, the only negative way this would impact me is by limiting the deduction for real estate taxes. (and even then, not by much)
Repealing the AMT is BIG win. Reducing rates is a big win. Lowering the Corporate rate would spur economic investment and development the likes I’ve never seen in my 30 year tax career. Not even under Reagan.
If they could factor in a low rate/one time repatriation of offshore earnings, we’d be up to our necks in job growth. We wouldn’t have to worry about making up for lost revenue. It’s so friggin’ obvious. My colleagues and I discuss this all the time but for some reason, the lobbyists don’t include such a measure.
“repatriation of offshore earnings”
Yeah, have they given up on that? Seems it would be in this bill. Maybe it will come in the Senate version.
I agree. The summary is filled with bizarre self-contradictory statements. Somebody didn’t proof very carefully.
Drop the individual rates by 5 points. Drop corporate rates to 20%. Reduce all current writes offs by 10% only. ( if you deducted 10k, you can now only deduct 9k). It’s a compromise for blue state republicans. Repatriation of off shore money with no penalty. Leave everything else in place.
Over the next 3 years tweak it as needed.
We should be good to go.
I would like to see a comparison of Joe Anybody’s tax return-—with current rules side by side with proposed rules.
That would explain this much better for the average person who can barely keep their checkbook straight.
Alot of people don’t even know the difference between exemptions & deductions.
“Repealing the AMT is BIG win. Reducing rates is a big win. Lowering the Corporate rate would spur economic investment and development the likes I’ve never seen in my 30 year tax career. Not even under Reagan.”
I find it sad so many here don’t even see the big picture view that you were pointing out. All they care about is how much they will pay. I feel like I wandered into DU
How about we build that WALL...which will actually save millions of $$..and probably life and limbs..too.
How about we police and clean up the welfare roles....in this country. Probably save billions....
How about we clean up..and police the MEDICARE fraud...going on in this country....Probably save billions....
I could go on...and on.
So TRUE!
Unfortunately the Lobbyists will FIGHT this to the death because it's takes away much of their leverage and position at the feeding trough of tax payer dollars.