Said CPA is looking at what is currently proposed, running it through software, & 30 years at the top if their game and the wisdom and knowledge of the code that comes f2fwith those years, and as someone who understands the swamp and Ryan and McConnell and they can’t send out a potential warning flag? Color me perplexed.....
It doesn’t matter whether the House or Senate versions pass. Both, or a combination of them, will be a disaster for upper middle income taxpayers. That includes taxpayers from all states, not just the ones with high state income taxes.
If you want to see the details go to the below website. Also, take your 2016 income tax return and plug the tax changes into that. I suspect many of you will be shocked at the tax increase you would have paid last year. If you pay state income tax, do the same check, especially if your state, like California, piggy-backs off your Federal tax return because without the deductions no longer allowed, your taxable state income will rise.
https://blackandcenter.blog/2017/11/11/two-points-on-the-gops-tax-hikes-and-jobs-act/