Tax reform has been a hot topic for many years going back long before the Tax Reform Act of 1986. Many of the issues remain identical to those of 50 years ago even with all the tax legislation that has been passed since. Tax reform, however may be more important now than ever with Congress returning from its recess after Labor Day. With the failure of the Trump Administration and the Republican Congress to pass healthcare reform tax reform now becomes their key legislative action.
Discuss current tax reform as it will be presented by the President and the Republicans in Congress. Are the key mainstays of their packages similar? What are their principle ideas? Considering all the issues that have been argued for years, i.e., lower rates for individuals, the marriage penalty, taxing the rich, middle class tax cuts, itemized deductions, the earned income credit, credits generally, the abuse of the system (cheating) and the extremely complicated and confusing code, as well as, many other issues are their positions viable?
discuss the most critical aspects of the tax reform being put forth by the President and the Congress. You are to discuss the chances in our badly divided Congress of the chances of success or failure of any reform at all. Assuming a tax package is passed relating to the ideas being put forth, what will be the most significant changes? Who will these changes help? Who will they hurt? Do they favor one group, the rich, the middle class, and the poor over the others? Will these reforms help business, the economy or to raise revenues?
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