Where We’re Going, Nobody Knows
We’re five weeks into a new administration and looking at the media, it appears no answers will be coming on tax reform. When it comes to finance, planning, and business organization, this has left CEO’s with sleepless nights and wary investors. Looking at the business practices of our President’s previous dealings, it’s believable that we will have no idea of what decision will shape our financial futures until the moments after it has been chosen.
In an effort to understand and push forward plans that run deeper than “Great,” “Tremendous,” or a “Failing pile of garbage,” the Tax Council Policy Institute held their 2017 symposium. Titled “Tax Policy in Transition: Delivering Views in a Converging World,” the symposium was presented and attended by top experts from various fields of government, policy, and business. There were as many points of view as there are potential directions in which our economy, personal incomes, and investments can go. Corporate Integration regimes stood as tall as Destination-Based Cash Flow taxes. Discussion ran deep and promised that there are still a plethora of ideas and directions left in the US, and that there are very clever people looking to help us continue a positive growth in jobs and GDP as we barrel faster into the technology driven future.
While the plans and ideas were firing on all cylinders at the symposium, there were still some asking whether or not these ideas will gain any political traction in an “anti-elite” climate. Approval for Congress has always been low, but with norms being up-ended left and right, it’s a probable strategy of certain members to stay the course and continue to test the waters of the electorate before making any statements or voting on any major overhauls. According to Forbes’ Contributor Stuart Gibson, “everyone at the symposium who addressed the politics of tax reform emphasized that White House support is critical to the success of any reform effort.” With a House of Representatives tax reform blueprint described by the White House as “too complicated,” be prepared for little to no movement in the reform of our tax systems.
In the meantime, have no worries, because we’re here to help with all of your business and personal tax planning needs. So reach out and contact us and we’ll help guide you through the unpredictable future. As tax professionals, it’s our job to understand and follow the changes of any administration and will continue to work for your financial best interests. If you have tax questions or a tax debt you are unable to pay, our experienced tax settlement professionals are happy to discuss your tax resolution options free of charge. For more information about our services, visit us today at www.ocbookkeeping.com or call us at 877.889.6527. Our CPA’s, Enrolled Agents and other skilled accountants have a thorough understanding of tax law together with the experience necessary to know which tax settlement option will be the best fit for your specific set of circumstances.