VIP
Let's Rid Ourselves From Thomas Massie Once and for All
Let's Rid Ourselves From Thomas Massie Once and for All
This Podcast Interview Only Reminds Us How Lucky We Are That Trump Beat Kamala Harris
This Podcast Interview Only Reminds Us How Lucky We Are That Trump Beat...
What If Dems Are Shut Out of the CA Gov Race? Newsom Says There's a 'Break-the-Glass' Contingency Plan
What If Dems Are Shut Out of the CA Gov Race? Newsom Says...
Appeals Court Blocks Trump Settlement to E. Jean Carroll...for Now
Appeals Court Blocks Trump Settlement to E. Jean Carroll...for Now
Maryland Might Revive Gerrymander Push, but There Are a Couple Problems
Maryland Might Revive Gerrymander Push, but There Are a Couple Problems
Leftists Fall for Mamdani's NYC Budget Deficit Lies
Leftists Fall for Mamdani's NYC Budget Deficit Lies
AOC: New Leader of the Democrat Party?
AOC: New Leader of the Democrat Party?
A Society Without God Is a Society Without Truth
A Society Without God Is a Society Without Truth
Can-Do Nation
Can-Do Nation
Kamala's 'Brainstorm' Is Destroying All the Norms
Kamala's 'Brainstorm' Is Destroying All the Norms
Who Wins the Re-Redistricted House?
Who Wins the Re-Redistricted House?
MAHA Plan for the World
MAHA Plan for the World
America Just Told the UN to Pound Sand on Replacement Migration
America Just Told the UN to Pound Sand on Replacement Migration
Democrats’ Court-Packing Threats in Virginia Are Practice for the U.S. Supreme Court
Democrats’ Court-Packing Threats in Virginia Are Practice for the U.S. Supreme Court
Why Americans Support Mass Deportation but Struggle With the Process
Why Americans Support Mass Deportation but Struggle With the Process
Tipsheet

A Tax Plan Lawyers Will Hate

John Ransom
John Ransom | March 05, 2015 10:08 AM
A Tax Plan Lawyers Will Hate
Senators Mike Lee and Marco Rubio unveiled a comprehensive tax reform plan that would reduce the code to three tax rates: two for individuals, 15% for earnings up to 75,000, and 35% for earnings over 75,000. And a flat business tax rate of 25%. The proposal would eliminate almost all deductions, along with taxes on capital gains, dividend payments and estate taxes.
Advertisement

Lee and Rubio claim that the reform proposal would bring tax relief to most Americans while stimulating economic growth.
The only deductions to remain would be charitable deductions and deductions for mortgage interest. Long cherished deductions like contributions to qualified retirement plans would be eliminated.
I can't speak for anyone but I'm guessing that accountants and tax lawyers really won't like this plan

Catch more of the best money advice and monetary commentary by me daily 10am PT, 1pm ET at WealthEd.com

Related:

TAXES

Join the conversation as a VIP Member

Recommended

What If Dems Are Shut Out of the CA Gov Race? Newsom Says There's a 'Break-the-Glass' Contingency Plan Matt Vespa
The Four Horsemen of the New Antisemitism Victor Davis Hanson
Senate Parliamentarian Just Delivered Some Brutal News About the Reconciliation Package Matt Vespa
Appeals Court Blocks Trump Settlement to E. Jean Carroll...for Now Matt Vespa
This Podcast Interview Only Reminds Us How Lucky We Are That Trump Beat Kamala Harris Matt Vespa
Maryland Might Revive Gerrymander Push, but There Are a Couple Problems Matt Vespa

Trending on Townhall Videos

Advertisement

Trending on Townhall Media

Advertisement

Most Popular

What If Dems Are Shut Out of the CA Gov Race? Newsom Says There's a 'Break-the-Glass' Contingency Plan Matt Vespa
Advertisement