I just started to look at the Tax Bill proposed by the House. There are surprisingly many issues that have not been discussed in any articles or newscasts that I am aware of... Here are some of my initial take-a-ways :
- Tax Preparation Fees deduction will be eliminated.
- Alimony will not be deductible or taxable for divorce agreements signed after 12/31/2017.
- The discussion of the "Maximum Tax Rate on Business Income of Individuals" is 2 pages long. I think it will take an 8-hour seminar to understand !!!
- "Simplification and Reform of Family and Individual Tax Credits" is 2 1/2 pages.
- "Simplification and Reform of Education Incentives" (3 1/2 pages).