These tax cuts aren’t all just about a bonus for the rich. And it’s pretty obvious the Republicans could care less about deficit reduction as well. One of their motives which is not discussed much has to do with government mandates to fund programs Republicans hate, such as welfare, the environment, employee health and safety etc. If these tax cuts are passed then our politicians will either have to cut spending dramatically or face rampant inflation by increasing the money supply to take care of these mandates. One thing on which we all agree, the tax system is broken and needs to be fixed, but this tax legislation isn’t the answer. It needs to be reworked from the ground up, no special interest excluded. If this tax legislation is passed, it’s my golden parachute to retirement and nobody, including me or any other CPA I know, wants to see that happen.
Stephen Wheeler, CPA 