Paul L. Caron

Friday, April 28, 2017

Tax Policy In The Trump Administration

Trump Tax Plan

White House Fact Sheet, 2017 Tax Reform for Economic Growth and American Jobs

Tax, Tax Policy in the Trump Administration | Permalink


There is little in this proposal that will risk my lively-hood. Complicated investments, Sch. C businesses, LLC's and S-Corp.'s will keep me up late at night at tax deadlines for years to come. To broaden the tax base would be a move in the right direction by simply eliminating itemized deductions entirely. As I tell my clients, it is not the tax rate that complicates tax preparation, it is the determination of taxable income. I will grant that our current system of taxing capital gains and dividends needs to reflect the effort made in earning that return on the use of money - verses sweat labor. Some balance here would be nice.

Posted by: Ray Young, CPA | May 8, 2017 10:18:20 AM

Don't tax me...

Posted by: Dale Spradling | Apr 29, 2017 9:53:07 AM

I question dropping the income taxes paid exemption. If that happens, we will end up being taxed twice. Dropping the medical expense deduction will fall most heavily on older people, with higher medical expenses. On the other hand, if raising the standard deductions balances that out, OK.
One unexpected downside will be the legions of tax accountants, CPAs, ERs and tax preparation companies that will have to join the ranks of the unemployed.

Posted by: Michael Zorn | Apr 28, 2017 8:46:41 PM

What a joke...98 days to prepare a plan and the best he can do is a one page leadership here

Posted by: Sid | Apr 28, 2017 2:44:25 PM

Paul, love to get YOUR take on this. I admit I like the part about it that ends the subsidies for high state tax regimes. Personally I'd go even simpler - as in no deductions and one flat rate. Then again, I'm aware of the political limits of this world.

Posted by: Rob Vance | Apr 28, 2017 12:21:10 PM