President Trump says H&R Block will be unhappy with his tax plan https://t.co/NF1wffDjf8 pic.twitter.com/onAqLqcwxm
— CNN (@CNN) February 15, 2017
Changing rate brackets or reducing them is basic math question. That doesn’t change complexity of returns @CNN
— lawhawk (@lawhawk) February 15, 2017
Trump will breathlessly talk about how his tax plan will be awesome and hurt HR Block.
Reality will be so different, because unless you’re eliminating all the credits, deductions, and exclusions, plus having the IRS send you a filled out return that you then modify, none of this will happen. You’ll still need a tax professional to do your taxes (or use tax prep software). Cutting the number of brackets doesn’t change complexity. Reducing rates wont do it either.
Even getting rid of the AMT wont completely solve things easier, but it would make it easier/cheaper for rich people to do their returns. And they’ll end up paying a lot less too.