Will the promises be kept?

As you’ve heard, a whole new tax law is coming.

But will the reality match the promises? One promise was that the tax cuts would go to the middle class, not the wealthy.

Ross: Let’s just beta test the tax reform plan

But Bloomberg reported that households earning upwards of $1 million a year stand to see an average cut of $58,000. Far more than anyone in the middle class would get.

Remain calm. I contacted my long-time tax whisperer, CPA Don DeSantis, who just happened to be attending a tax conference, where he’s been sitting in on those always-captivating CPA seminars. He says the millionaire payoff is likely to change. Why?

“Because I don’t think that anybody wants to end up with a tax bill that says, well you’re going to get a $58,000 cut but you folks over here are going to get a $2,000 cut.”

The president also promised it would help families. And I suppose this provision would qualify: “For divorce decrees starting — I think — 2018 or afterward, no deduction for alimony payments.”

It might keep a few marriages together.

But, of course, what we’re all really looking forward to is the post-card simplicity, which will streamline the rules, strip away complex tax breaks, and force accountants like Don into early retirement. Although for some reason when I mentioned that to Don he started chuckling.

“Someone made the joke here that if even half of this comes about … it’s the accountant’s full employment act.”

And people said this wouldn’t create jobs!

We’re talkin’ 30 years people

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