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.

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