VIP
Will AI Data Centers Cause an Eminent Domain Explosion?
Will AI Data Centers Cause an Eminent Domain Explosion?
John Cornyn Reverses Position on Nuking Filibuster to Pass SAVE America Act
John Cornyn Reverses Position on Nuking Filibuster to Pass SAVE America Act
Cubans Make Shocking Plea to Trump
Cubans Make Shocking Plea to Trump
We Still Can't Believe the U.S. Oil and Gas Association Tweeted This at Gavin Newsom
We Still Can't Believe the U.S. Oil and Gas Association Tweeted This at...
There's a Clear Frontrunner in California's Governor Race, but It's Not Who You'd Expect
There's a Clear Frontrunner in California's Governor Race, but It's Not Who You'd...
Ayatollah Khamenei Opposed His Son As His Successor As Reports Swirl He May Be in a Coma
Ayatollah Khamenei Opposed His Son As His Successor As Reports Swirl He May...
The FBI Just Issued This Warning to Police Departments in California
The FBI Just Issued This Warning to Police Departments in California
400 Million Barrels of Emergency Reserve Oil to Be Released by the International Energy Agency
400 Million Barrels of Emergency Reserve Oil to Be Released by the...
Iran Threatens to Force Oil Prices Over $200 a Barrel
Iran Threatens to Force Oil Prices Over $200 a Barrel
The 3 Big Lies About the Iran War
The 3 Big Lies About the Iran War
James Carville Admits He Has 'Trump Derangement Syndrome' — Says He Prays for More
James Carville Admits He Has 'Trump Derangement Syndrome' — Says He Prays for...
Pennsylvania Dentist Among Three Found Guilty in $30M Medicaid Fraud Conspiracy
Pennsylvania Dentist Among Three Found Guilty in $30M Medicaid Fraud Conspiracy
James Talarico Quietly Deletes Endorsement Page Showcasing His Most Radical Supporters
James Talarico Quietly Deletes Endorsement Page Showcasing His Most Radical Supporters
New York Man Accused of Threatening President Trump, ICE Agents on YouTube
New York Man Accused of Threatening President Trump, ICE Agents on YouTube
Why Is 'Fisherman' Mary Peltola Taking Money From a Radical Group That Calls Fishing Torture?
Why Is 'Fisherman' Mary Peltola Taking Money From a Radical Group That Calls...
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

We Still Can't Believe the U.S. Oil and Gas Association Tweeted This at Gavin Newsom Amy Curtis
Cubans Make Shocking Plea to Trump Jeff Charles
James Talarico Quietly Deletes Endorsement Page Showcasing His Most Radical Supporters Joseph Chalfant
The FBI Just Issued This Warning to Police Departments in California Dmitri Bolt
John Cornyn Reverses Position on Nuking Filibuster to Pass SAVE America Act Jeff Charles
There's a Clear Frontrunner in California's Governor Race, but It's Not Who You'd Expect Amy Curtis

Trending on Townhall Videos

Advertisement

Trending on Townhall Media

Advertisement

Most Popular

We Still Can't Believe the U.S. Oil and Gas Association Tweeted This at Gavin Newsom Amy Curtis
Advertisement