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Federal Tax Reform Guide

11/13/2017

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Federal Tax Reform Guide Now Available

When it comes to tax reform, everybody says they want simplicity. The problem is that simplicity may not a reduction in taxes. Simplicity may also mean new bright-line tests and the elimination of tax rules we have grown accustomed to and utilized to our benefit. When the rules are changed and the benefits go away, will you pay less or more?

The other problem with tax reform for taxpayers is that when a government reduces taxes, they still have to pay for it through other tax increases, or increase the national debt. Tax reductions for some may mean tax increases for others. Generally, everyone is for tax reform unless it makes them pay more taxes. Who will win and who will lose is still undecided.

The good news is that we are closer to tax reform than we have been in a longtime. The problem is that the details of the changes (which is what we really need) have not been determined yet. Consequently, we are stuck in a daily evolving tax reform discussion involving politicians and tax writers.