The plan was for Congress to quickly repeal and replace the Affordable Care Act last spring and move on to tax reform. That didn’t happen and congressional leaders are just now beginning to talk about the latter.
Jim Rein, an estate planning and tax specialist with K-Coe Isom, discussed what might be on the table for tax reform at last spring’s Ag Council of Arkansas board meeting in this first of a series of videos. Little has changed since then.
Rein, who lives in Grand Island, Neb., said one change could be a reduction in the number of tax brackets from seven to three. A one-sheet paper from the Trump administration also indicates a doubling of the standard deduction and removal of the alternative minimum tax, all aimed at simplifying the tax process.
Those changes could have consequences far beyond the filing of simple tax returns.
For more on Rein and K-Coe Isom, visit http://www.kcoe.com/.