Quote:
Originally Posted by joey2665
As a CPA I completely disagree with your evaluation of the new tax bill. If is a very significant change and although some deductions are going to be limited many that have high income and property tax (NY, MA, CA, NJ residents) already have these deductions limited by AMT. AMT situations will change with the new bill and their tax rates are going down so it could be a wash of lower their tax liability.
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You "completely disagree" with my evaluation that the majority of the benefits flow to the wealthy? The corporate tax rate is dropping 14 points, the top tax rate for individuals is dropping by 2 points, the inheritance tax threshold is doubling.
You also "completely disagree" with my evaluation that NJ homeowners are going to get socked? Even though analyses from both parties support this position? Even though you claim only that "many" are impacted by the AMT so it "could be" a wash for some? How many are not?
If you want to argue that the tax bill is good for the country, that's fair game. Or if you are happy that your pass-through CPA firm is about to get one of the biggest breaks of all, that's understandable. But please don't claim CPA expertise, and then assert things that are inconsistent with the numbers.