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I think you need to hold your horses. the senate will have to pass their version of the bill and then the two houses will have to meet to reconcile the differences and vote again. this is far from being "passed."
as to my opinion of it? meh, some positives, some negatives. about the only things I think that are necessary in it are corporate tax reform and simplification (limiting certain deductions in favor of a larger standard deduction). Aside from that, it doesn't jive with my worldview. we need entitlement reform more than we need individual tax reform, and america is on a slippery slope going after successful people. if the goal is to lessen income inequality, then this bill fails miserably.
taxes are something everyone feels should conform to them. I've got news for you, with our election cycle no one's interested in true reforms, people just want to maintain power. the best you can do is an individual is try to make as much money as possible and then just pay whatever taxes you have to pay. you can bitch all you want, but unless you have the means to open up a business in a tax haven or are doing something illegal, you're gonna get fucked.
TLDR: meh, don't worry about taxes too much, just worry about yourself and try to make more money.
Taxes- Winners and Losers (Originally Posted: 09/29/2017)
So with the very "skinny" tax proposal now rolled out by Trump and Republicans what are the chances of successful passage?
Obviously this was an opening salvo, but early signs are not good. Busting the budget and no meaningful breaks for the middle class perhaps even tax increases for some. Of course we wont know for sure until income brackets are set for the 3 new rates (12.5, 25, 35) and impact of elimination of personal exemption vs increase in standard deduction and child credit.
Elimination of state and local tax deductible will impact 90% of people on WSO, anyone living in NY, Cali, or basically anywhere a meaningful financial center is located.
Not to mention the issue of lowering the pass through and elimination of AMT and how that could potentially eliminate most of the taxes paid by Trump and friends.
On the business side limiting interest deduction and expensing of investments as incurred could fundamentally upend business planning and PE/ Lev Fin industry.
I feel like something will get done after much haggling between various vested interests, but only very few people will be happy in the end. And it wont be a comprehensive long term tax reform, which is too hard for current republicans to do given their lack of cohesion and meaningful experience in crafting complex legislation. What does everyone think?
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