A Tax Plan Lawyers Will Hate

John Ransom | March 05, 2015 10:08 AM

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.

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

A Tax Plan Lawyers Will Hate

Related:

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Trending on Townhall Media

Sunday Smiles

WAKE UP! Watch Dana Bash's Face Closely As Democrat Iranian-American Goes Off on Her Own Party (Video)

New Reports: Gulf States Draw Line, More Countries Now Ready to Counter Iran With Force

Most Popular

This Iranian-American Dem Just Shamed Her Party About the Airstrikes and Trump on CNN

Here's the Delusional Reason Chris Murphy Thinks President Trump Authorized Airstrikes on Iran.

Here's the Breakdown of the First Wave of Strikes Against Iran. It's Staggering.

Trump Calls on Iranian Military to Lay Down Arms or Face Certain Death