re: GOP tax document reveals plan for massive tax cuts, preserves key deductions

Granted this is not tax reform and thinking people knew there would be no real tax reform because McConnell and Trump lack the leadership to get it done.

That said---this proposal is FAR superior to what we have now.

I do want to understand the repatriation rate on foreign earnings by US corporations---it should be zero since the corporations paid the foreign taxes on it.

This gives businesses including the oft mentioned S corps and LLCs much lower rates AND allow much quicker expensing of capital investment for tax purposes.

The doubling of the standard deduction is ok so long as most household deductions disappear along with it. I don't like that this will mean even more people will go virtually untaxed. (Tax reform would end the income tax and give us the fair tax or a flat tax.)

This eliminates the horrible estate tax and the AMT. Both of which are just unfair.

Special interest tax credits and deductions should go away and rates should be lower.

Since Trump and McConnell lack the influence to do real tax reform I will take this.