Everybody has an opinion about the tax plan and they’re all mostly hot air, because — if history is a judge — it’s the unintended consequences that are usually the real nail-biter, and we don’t find out about them, for a few years yet.
However, I won’t lie, I am very optimistic and not just because they settled on a corporate rate structure I accurately predicted (20% to 22%!) while Trump was still campaigning, but because the bill looks to me anyway, like a big win for everybody who makes $400,000 and under. It’s a more complicated picture above that threshold, but these numbers — I think –will be further stimulative.
I only support the lowering of the tax rate however — if the crazy deductions are eliminated — but I think Trump has another angle he plans to pursue to clean that up, down the road. I consider this brilliant of him by the way, if he had included the deductions reduction regime in the bill — like I foolishly would have — corporate America would have pulled strings and his Senate votes would have disappeared. Trump is maturing into a wonderful politician and I think I’m the only person in Montgomery County Maryland who sees it.
Anyway, here is a tax calculator, you just click, enter (anonymously) a little data, and you can see how this final bill will effect you, come April.