[Anonymous]

Hey everyone,

I was wondering what were your thoughts on the latest tax reform from a practitioner’s perspective. The House passed the bill but US Senators need to vote on it with their version of the book so the tax reform still has a way to go.

The AICPA has an informative nonpartisan podcast about it.

https://jofa.podomatic.com (it’s the latest podcast)

Do you think a reform is needed or just minor tweaks to the current system?

Who are the main beneficiaries and who will lose out the most from the proposed bill?

Do you the simplified version that is being proposed is beneficial to the public or not?

Looking forward to the healthy dialogue.

[Recked]

I don't dwell on the reforms too much until they become a reality as in the 15 years I have been in the business so many bills have come and gone with nothing coming from it.

The main beneficiaries are always the guys at the top. Always.
Money runs this country. Fact.

Beneficial to the public? Which portion of the public?

I consider myself to be fiscally conservative, but I don't think anything done under the current administration is aimed at helping people like you or I.
I don't think any of the recent administrations were too concerned about helping the commoners.

[TommyTheCat]

concur, I wouldn't bother with getting too familiar with any bill until the senate passes a version….the house version passed is not going to pass the senate, and the house members have sort of indicated that the senate should pass their version and then it will likely get approved by the house.

Personal opinion about the bill as a practitioner is that it will help some of my clients if anything being discussed actually passes. Personal opinion as an upper middle class taxpayer (im in CA so upper middle class for the rest of the country equates to middle class in CA) is that it stinks to the high heavens, and is going to increase my tax burden.

Corporate tax reform is very much needed. Giving huge tax breaks to the uber rich and creating an additional budget deficit is not a good idea. How about we focus on cutting expenditures rather than ignoring the spending issues and dicking around with the revenue side of things. Oh wait that would make sense, nevermind not going to happen….

[Author]

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