Confused about all the tax changes in the past decade? Just wait
CNN
If keeping up with tax changes in the law were a sport, 2017 and 2025 might be considered the tax Olympics.
If keeping up with tax changes in the law were a sport, 2017 and 2025 might be considered the Tax Olympics. Recall that during the first year of President-elect Donald Trump’s first term, lawmakers defied the odds and passed the largest overhaul of the tax code in more than 30 years. Now, this year, lawmakers will use the first 11-plus months of Trump’s second term to decide what to do about huge swaths of that overhaul — known as the Tax Cuts and Jobs Act. That’s because most of its key personal income tax provisions — and a few business ones — are set to expire on December 31. While much has changed in the past several years, one thing hasn’t: The potential for the high-stakes tax debate to create a lot of confusion for filers. They will yet again have to make sense of a head-spinning array of new proposals, amendments and political fights before learning which provisions will stay, which will go and which will be tweaked — and how all of it combined will affect their bottom line. During the 2017 debate and the subsequent enactment of the TCJA, enrolled agent Karla Dennis said, “The majority of my [professional] peers really were just overwhelmed. Tax [changes] were coming at you right and left. … I don’t know how they expect individuals to keep up with this.”
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