The “Unified Framework for Fixing Our Broken Tax Code” has been published. Now the real work begins: hammering out all the details.
We don’t know exactly what some of the reforms will look like, but we know some things. The National Lumber and Building Material Dealers Association identified several themes last week.
HBSDealer asked readers if they had any concerts about what we now so far. Specifically, we asked:
“It’s still early, but what — if anything — concerns you most about the recently released Republican framework for tax reform?”
38% -- Overall impact of tax reforms on the national debt.
31% -- None of the above.
13% -- Doubling the size of the standard deduction, thus reducing the incentive for itemized deductions (such as the mortgage interest).
11% -- Reduction of the number of tax rates from seven to three.
6% -- Reduction of the top tax rate from 39.6% to 35%.
About 100 readers participated. You can still take part here.