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2017 Federal Tax Reform

"The biggest tax cut ever" doesn't look that way to me. Most of the middle class gets thrown a small bone. I am more upper middle and would save maybe $1000 and that is only because the AMT would be repealed. The benefit has to come from corporations investing their large tax cut into job creation, wage increases, etc and economic growth that spells a boost to GNP and thus the stock market. Small business will do OK but could be better. Even with the loss (at this point) of SALT deductions, the wealthy will do just fine. No AMT and no change in dividend treatment and long-term cap gains. Lets hope the final version shows some improvement. Remember, the wealthy rarely get w-2s but received most of their money in other forms. They will cry in NY and California until their CPAs give them the real news.

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