My thoughts about tax reform

Have you noticed the increased prattle about tax reform? It's been hard to miss. Must be political season again. Be that as it may, it got me thinking about tax reform.

To me, reform implies tinkering with something already in place to make it function better. I'm not sure reform is the right concept when directed to our current income tax systems (personal and corporate). Seems too timid. Scrap the current system and start anew appeals to me.

So, let's assume the powers that be have asked me to design this new tax system. Granted, this is not likely anytime soon, but let's pretend. Here are my thoughts.

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What if Congress really does lower the corporate income tax rates?

Lowering the federal corporate tax rate - I suspect a tough sell. But, it could happen within the guise of job creation. I'm not going to comment on the wisdom (or, lack thereof) of such a move. Beyond me to be sure. However, it started me thinking about how some of my clients might react.

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