I'm not sure I'm a fan but I still don't know the details or how it will change.
I've said many times that I wanted corporate tax cuts because I want the U.S. to be the best place to do business. That means jobs and more tax revenue down the road. I don't think we need tax cuts for individuals, just simplification. That's not easy because everybody loves their special carveouts.
I think there are some unintended consequences. Eliminating medical deductions could hurt some people with huge costs/nursing care. Same for casualty losses. Paying a big tax bill when you'v just lost everything would suck. The high tax state residents are getting hit the hardest. Same for people with vacation homes (limited property tax deduction). I'd prefer that they restore some of this in exchange for eliminating the estate tax.
I've said many times that I wanted corporate tax cuts because I want the U.S. to be the best place to do business. That means jobs and more tax revenue down the road. I don't think we need tax cuts for individuals, just simplification. That's not easy because everybody loves their special carveouts.
I think there are some unintended consequences. Eliminating medical deductions could hurt some people with huge costs/nursing care. Same for casualty losses. Paying a big tax bill when you'v just lost everything would suck. The high tax state residents are getting hit the hardest. Same for people with vacation homes (limited property tax deduction). I'd prefer that they restore some of this in exchange for eliminating the estate tax.
