nothing will pass...GOP HOPELESS
Any CPA/EA giving opinions on legislation that hasn’t been signed into law is well outside the boundaries of their professional practice, IMO.
I have 40 years of experience with tax law changes. It is too early to know how this will affect anyone. The process includes a Senate Bill, a conference to agree house and Senate bills, followed by technical corrections acts, etc.
Then there is the analysis done by experts in the various fields to tell us what the law means when applied, the recognition of unintended consequences and the affect on state income taxes. Then tax court challenges, IRS regulations and rulings.
Finally, there is the changes people make in handling their financial affairs to mitigate and take advantage of tax law changes. For example, with the eliminating of medical deduction a wider use of HSA is likely, and the limit of interest on mortgages the use of margin accounts, etc.
It’s time to begin study but too early to call winners and losers.
Where practical to do so, I’m having clients deplete funds in qualified plans to the extent of their itemized deductions this year. Primarily, this is people with large medical expenses due to assisted living and nursing homes.
May as well get that stuff out of the plans while there’s still a deduction for it. It doesn’t hurt if the bill doesn’t pass but will be mighty painful if it does pass.