Tax & Accounting News

Tax Reform: Is It Even Possible, and What Would It Look Like If It Is?

11/5/2017

Tax reform has been a hotly debated topic in the United States for essentially as long as taxes have been around. Critics of our current system have long said that it is far too complicated and that it often unfairly favors the wealthiest among us instead of people such as small business owners, who themselves make up an undeniably significant portion of the economy of this country.

Pretty much everyone agrees that some type of reform is needed. What those reforms actually look like, however, is and will likely remain a subject of controversy.

The 429-page Tax Cuts and Jobs Act is the latest Republican-backed attempt at significant tax reform. Released in November 2017, it drew ire and criticism almost immediately. Not only does it limit the mortgage interest deduction to $500,000 -- something that even the National Association of Realtors says puts home values and middle-class homeowners at risk -- but it also institutes a cap on state and local property taxes of $10,000.

Senate Minority Leader Charles E. Schumer of New York was quick to come out against the proposal, saying, "What we are seeing today is a plan that exacerbates the unfairness and inequality in our tax code."

But all of this may be a lot of stress over nothing, as this type of significant tax reform isn't something that can happen overnight, regardless of how long the document itself actually is. With concerns like these in mind, we sat down with a number of experts and asked two simple questions: Do you think there will be any real tax reform in the next 12 months? If yes, what tax law changes will we most likely see?

The answers to those questions were revealing, to say the least.

Is tax reform possible? Our experts weigh in

When asked about whether or not the type of significant tax reform that is being proposed is possible in the short term, a number of financial professionals were essentially in agreement. Can it happen? Yes. Will it happen by the end of the year? Not very likely.

David Robson of Premier Tax and Business Services said, "In my opinion, it seems unlikely that anything will happen before the end of the year." Jeffrey Hirsch, P.C., expanded on that thought, saying, "The Republican plans so far released will not be supported by the Democrats for giving the majority of tax breaks to the wealthy." He also said that as the proposed changes currently stand, they will "only reduce the tax liability for the majority of taxpayers by 10 percent or less and may actually increase the liability of many," all of which are signs that significant reform isn't going to happen anytime soon.

Dyan Beitelman of Capstone Tax and Accounting, Inc., was slightly more optimistic, saying, "I think it is too soon to tell. I think little changes will come, but a tax overhaul is yet to be seen." Ricardo Fernandez of Tax Strategi ultimately agreed, saying, "I do not believe we will see any change in tax reform this year because there are just too many factors that are still unknown. Perhaps next year, but even that is still in question."

Katherine M. Bennett, CPA, perhaps said it best when she said, "It would take a lot longer than 12 months to roll out significant changes."

So again, most people agree that while tax reform is theoretically possible, the current climate presents a number of significant challenges that are going to be quite difficult to overcome in the short term.

But let's set all of this aside for a moment and assume that tax reform is coming one day. What, exactly, will it look like when it arrives? What type of relief will it provide for small business owners, in particular, who just want to grow the most successful businesses they can without worrying about Uncle Sam putting his thumb on the proverbial scale of their personal finances? What would all of this require?

Guillermo Birmingham, CPA, said, "Real tax reform focuses on the middle class," and this should absolutely be the priority moving forward. He expanded on that, saying, "Real tax reform should try to get at leveling the playing field between the more fortunate and those not so."

When asked about what specific changes he would like to see in any tax reform proposal that is presented to the public, Birmingham said, "For me, [reform should aim to] solve the never-ending scare tactics we hear about all the time, like the fact that the Social Security Trust Fund is going broke. Simply eliminating the cap on wages would do exactly that."

Birmingham also had something of a warning for anyone attempting significant tax reform over the next few years. He said, "Congress should not eliminate long-standing tax breaks for the middle class such as the home mortgage deduction, state income and property tax deductions, or place limits on deposits to tax deferred accounts. It would be counterproductive."

Whether or not those in a position of power will actually listen to professionals like Guillermo Birmingham is something that remains to be seen.

Lee Reams II, writes for TaxBuzz, a tax news and advice website. Reach him at [email protected] or on LinkedIn.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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