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Tax Reform is not Really Tax Reform - FINANCIAL-24

No doubt, President Trump's tax reform will be an improvement over the current state of the tax system.  But, will it matter much.   The answer is a resounding "no."

The only thing that will really help taxpayers is a cut in spending and that is not on the table.

All the hoopla about tax cuts "for the rich" is just so much baloney.  Rich folks choose how much to pay in taxes, regardless of tax rates, because they can control, with precision, their "taxable income."
Folks like Warren Buffett pays a miniscule amount of taxes, not because rates are low, but because Buffett can choose to show a very low level of taxable income (He could just borrow and live off of that and not even file a tax return).  So, what does Buffett care if tax rates go to 100 percent.  It won't affect him or any other rich person.

Watch out for all the nonsense about to be said about tax reform.  This is pretty much a side issue, both for the economy at large and for the average taxpayer.

The only hope for the average taxpayer is to eliminate the "entitlement state" and that's not happening.

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