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20/20 Vision for Upcoming Tax Reform
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David Lifson, CPA
Despite recent reports to the contrary, the sky is not falling. The increasing anticipation—or concern—over fundamental tax reform will certainly be with us in 2017, and probably through 2020. Still, many are intrigued about the possibility of the Trump administration abandoning incremental quick fixes and making the refurbishment of the tax system a top priority; this would mimic the Obama administration's passage of the Affordable Care Act to define its agenda. Executive and legislative leadership are becoming increasingly dedicated to turning their acorns of ideas into oak trees representing the next generation tax system.
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