We really needed tax reform. Instead we got HR-1, absurdly labeled as the Tax Cuts and Jobs Act, plus the Senate version of that same bill,. As I promised, they wouldn’t be passed as proposed (that would have been EVEN worse, they have been reconciled. And , TheDonald has signed the final version, so it’s the law of the land. PL 115-97.
Here’s the preamble to the series…
I just finished my Jewish holidays- and then was inundated with folks who failed to file their taxes on the 15th of April. And, what did they do for the ensuing six months? From what I can tell, absolutely nothing. Three of them brought the ubiquitous shoe box- you know, a year’s collection of receipts. The problem? Most of those receipts were printed via heat sensitive ink- and now, 10 to 22 months later, they are a mess of grey blobs, having faded to obscurity.
So, the ides of May have come and gone. Which means it’s been a month since your 2014 taxes were due to be filed (and some two months since corporate filings were due). It’s time to consider what 2015 will bring- because tax planning should have started already. It’s way too late when the calendar reads 2016 to you wonder what your real tax bite will be.
So, before my children (and grandchild) woke up on the first day of Passover (the seder ends pretty late), I was reading my Washington Post and drinking my coffee. (I had already finished the NY Times and the Wall Street Journal.) And, then I read the piece by Catherine Rampell. I could not let it sit unanswered- but since it was the first days of Passover, I had to wait until the intermediate days to respond.