So - thoughts on the tax reform plan? I don't work in tax so interested in tax folks opinions.

Donnie and GOP couldn't even agree on the tax reform approach. What makes me laugh the most is when Donnie calls a reduction in the number of tax brackets "simplification". I mean for a person with Donnie's intellect it sure will be a simplification but everybody else knows that's the easiest part of the tax calc.

Any reduction in tax rates is going to inherently benefit the wealthy more than the middle class. And there's no logic in complaining about AMT being eliminated, since AMT disallowed the deductions for SALT and 2% deductions, which would be eliminated under this plan anyway. Plus, the wealthier you are, the more you benefit from the SALT deduction, so eliminating that (especially if you live in CA, CT, NJ, NY, etc) is infinitely more detrimental to the wealthy. Just trying to insert some logic here without bias or spin.

Doesn't matter they can't pass shit.

Getting rid of AMT - meh but seems like it would exclusively benefit the rich so F that. Getting rid of estate tax - same as above but far worse. I'm otherwise pretty conservative but the rich should be paying more taxes not less ESPECIALLY on transferring estate $$$

Sleight of hand. ‘Doubling the standard deduction’ sounds great to the middle class but is offset in almost all cases by getting rid of personal exemptions and a lot of itemized deductions. Great if you’re rich though.

Meh, itemized deductions are overrated and hardly used by middle income folks. My wife and I make about $180k between us, have a child, and a mortgage and still can't itemize.

No real surprises and the devil will be in the details.

People in CA, NJ, CT, NY hit hardest by lack of SALT deductions.

@PwC 1 do you pay state income tax? That’s probably the difference maker. If you lived in a state with state income tax and own a house you would definitely be itemizing.

^and they are all liberal states. Coincidence? I think not.

Not sure how people can say no one itemizes. Any single person making around 85k with state income tax around 7% is going to itemize. Any single person who owns a house probably itemizes as well

Anything that involves killing the generational skipping tax is asking for problems. The whole thing smells like shit for anyone but the wealthy

I feel there is a near 0% chance anything will actually pass.

@Pwc 3 unless you have kids. I have three so right now we get std deduction (12k) plus 4K per exemption = 32k. So the amazing doubled standard deduction of 25k means my taxable income increases by 7k. Even for those with only one kid you’re in about the same place. Sleight of hand.

Same place meaning same as you were before. But if you’re rich this plan is amazing. I just don’t want people in the middle class falling for this trash and buying in that it helps everyone when it clearly doesn’t, at least as it’s currently proposed.

TA2: AMT is shit. I hardly consider myself rich and have bumped up agains AMT twice already. And no, the rich shouldn't be paying more tax. No one should've paying more tax! Remember,anyone on this forum is easily in the top 15-20% of earners in the USA. Anyone that is an experienced manager or above is likely in the top 10%.

Most of our money goes to paying interest on the debt, military and social security. Only a out a third of our federal budget has any possibility for change. We simply can't afford to keep increasing the debt

I agree with SFA1- I would be more inclined to pay taxes if I had even a small expectation the money would be used wisely. But our government, well most all governments, are so horrible at spending the money wisely, ethically, and responsibly, it just pains me to see it come out of my check. For every dollar I give the government, less than 10% of they makes it back to the community for any type of help to those in need, or for betterment of my public environment.

Deloitte. I don't need your judgement on how I spend my money. I donate my time and dollars at my local church and give some money to programs in my native country, but it doesn't add up for enough on my returns.

Agree with pwc1, very few itemize and usually only wealthy people. Doubling the standard deduction helps regular folks

It is barely a framework- ideas with no details. Hard to have an educated opinion as the devil will be in those details.