I am being asked to analyze the recently announced Trump tax reform proposals. However, at this early stage in the legislative process, it is far too premature to assume that these proposals will ever become real tax laws.
There are some very good ideas in the Trump tax reform proposal; but they are already under vicious attack by the DemonRats and RINOs, who are revising actual history and spreading outright lies about the effect of tax rate reductions. Opinions as to whether Trump will be able to get his proposal through the legislative process are all over the board.
As I have already told some people, if it starts to appear that the Trump proposal garners enough support in Congress to have a good chance of passing, I will most definitely spend some time analyzing it.
Over the past 40+ years in the tax profession, I have seen far too many pie in the sky tax reform proposals that too many people wasted time taking seriously. Back in the 1980s, I even commissioned a poster to illustrate the metamorphosis appetizing sounding tax reform proposals go through as they work their way through Congress. It’s no different than our body’s digestive process. Scrumptious apple pie ends up looking and smelling completely differently. You can still see a small version of that poster here on my main website.