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September 22, 2023

Tax Reform

With the elction of Donald Trump, we will now have a Republican majority congress and president.  Theoretically, we won't be subject to legislation gridlock like the last eight years and tax reform seems to be a very real possibiliy.  As a CPA who is heavily invested in tax  (about 70% of my billable hours), I am naturally curious about what the future holds.  Ater studying Trump's tax plan, some drastic changes appear possibe (taxation at the partnership level, getting rid of the death tax, etc.).   Should tax CPAs be worried about major tax overhaul (switch to a flat / fair tax) or are our jobs likely secure?  I would appreciate the Going Concern community's take on this. 

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