Tax reform was a key aspect of the current administration’s campaign platform. Earlier this fall, Republicans released a high-level version of the plan that proposes significant changes to the ways that individuals and businesses are taxed. A detailed version of the plan is not due to be released until Wednesday, November 1, but in this episode, we have a spirited discussion about what we know now and its possible impact on taxpayers. We also talk about the history of taxes in the US, how they work now and how we feel about them, and what we mean when we talk about tax reform. We hope that you enjoy listening to this episode as much as we enjoyed recording it.
While listening, it may help to have this handy explanation of how tax is calculated in mind:
INCOME – ADJUSTMENTS – EXEMPTIONS – DEDUCTIONS = TAXABLE INCOME * TAX RATES
As always, we want to hear from you: how do you feel about taxes? What are the things about taxes that you find the most confusing? How do you think the administration’s tax reform plan will impact you and/or your business? Let us know in the comments!
For articles and more information, check out the show notes under the cut. [Read more…] about The Financial Flipside Podcast, Episode 4: Is Tax Reform for Everyone? Unpacking the Republican Tax Plan