Donald Trump's proposal to dramatically rewrite the tax code is hitting major roadblocks in Congress due to its lack of specific details and explanations of how the Administration expects to pay for it. Trump's proposal was meant to "streamline" the tax process by dramatically lowering tax rates and doing away with many write-offs and credits meant Americans use to alleviate their tax burden, but the lack of specifics has led to mass confusion on capitol hill and within the general tax community.
What Trump might be beginning to find out is that overhauling the tax code is a lot easier said than done. In theory, his proposal makes sense because people won't need as many deductions if their tax rate is lower, but the problem is picking and choosing what deductions and credits to keep and which ones to get rid of.
I have a feeling that Congress will have a much harder time actually overhauling the tax code than they promised and that what we will more likely see is a general tax cut without doing much to the tax code in general.
Do you agree or am I missing something here?
I have to agree. It's easy to promise something on the campaign trail, but it's a lot more difficult to rewrite something as complex as our tax code. I give Trump an "A" for effort, but I don't see many scenarios that lead us to a dramatic overhaul of the way we do taxes.
Maybe we will at some point, but I think we're still a long way off.