Ahhh … the good old days, when we talked about tax reform as if it were a forgone conclusion, and the only question was how big the rate drop was going to be. Those were great times, weren’t they? Remember back in November when we asked the question, “Will We Have Tax Reform?” I remember back in December like it was yesterday when we analyzed the Winners and Losers of Tax Reform. We had great discussions as we reminisced about old times and looked towards the road ahead. I mean good grief, we had the former counsel to the Senate Finance Committee providing the details on what all of the insiders “knew” was going to happen.
Then the AP had to break all of our hearts with word that the tax plan that President Trump ran on is in the shredder, and they’re going back to the drawing board. Plus, the administration is now saying that any tax reform will have to wait until health care reform is settled. Seeing as that went so well the first time around, who knows what is going to happen, if anything.
Interestingly enough, there is a tax plan out on the President’s website that is different than the proposal that everyone was most familiar with, (which has now disappeared from the website) with a top individual tax rate of 25%. It is unknown if this is an old proposal that was forgotten about out, a new one, or what.
On the bright side, we have rules in place that at least allow us to accurately predict tax liabilities under the current tax code, unlike 2015 and prior.
As always, please feel free to contact us if you have any questions.