Both houses of congress have now passed the 2017 Tax Cuts and Jobs Bill. After four hours and near blindness, I finished all one thousand plus pages. Every citizen should read this bill. In Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688.
Big Little Reforms
Especially relevant is the public relations effort by republicans to convince voters this is a ‘sweeping’ reform of the US tax Code. In fact it is an amendment to a budget bill that further amends the 1987 Tax Reform Act.
Everyone Loves Or Hates
Moreover, if you read the bill, you should almost have a copy of the 1986 Tax Reform Act handy. Both sides of the so called political divide are touting how great this legislation is, or how it will end the world as we know it. I’ll give you some details in Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688.
Please Hold For Your Tax Attorney
Truth is if you are in business you’re still going to need an accountant and tax attorney advise you. Some businesses will see their taxes increase. Some individuals will see their taxes increase. Sure, the standard deduction has been doubled and tax rates reduced…but…
It Might Be Good…Then Again
There will be fewer deductions and thus fewer ways to legally reduce exposure to taxation. Depending on your specific situation you might see an increase or decrease in your overall tax. I explain some of this in Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688. In addition, listen to my tax reform podcast to understand the political game going on under the guise of fixing the tax code.
Never Underestimate The Power of Free Beer
There are scores of pages concerning craft beer, wine and spirits. Guess all those receptions with free hootch for members must have worked! Finally there are lots and lots of new rules regarding businesses of all kinds.
Beware of Congressmen Bearing Cool Sounding Jargon
When congressmen and senators go out among the people and talk about all they have accomplished, you’re going to hear the words ‘pass-through’ and ‘average american will save’ such and such a lot. What does it all mean? Find out in Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688.
More Government Control
In conclusion my final reaction is the sadness I feel that our federal government controls so much of what we do as citizens through the mechanism of taxation. Republicans who campaigned on a tax cut have certainly paid off on that promise, at least until 2025, but at what price. That is the 1.2 trillion dollar question. President Trump signed the bill into law Friday afternoon.