Tax Reform and Baby Boomers

Tax Reform and Baby Boomers

Tax Reform and Its Effect on Baby Boomers

The new Tax Cuts & Job Act (TCJA) has been a hot topic most of this year, both in social and financial circles. Tax reform will have different effects on many taxpayers in different situations.

Previous articles have discussed how millennials are affected by the TCJA tax reform, and now another group is in the spot light. Baby Boomers it’s now your turn.

To assist you in visualizing just how tax reform will affect various individuals in the baby boomer generation, we’ve provided a Tax Reform Calculator. Check out the different scenarios and create your own to give you an idea where you stand.

As you hear the drum roll in the background, we are about to reveal the parts of the TCJA that will mostly affect baby boomers.

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Tax Reform

Spring Clean the Tax Code or Spring Clean the Current Administration?

Tax reform?I know I heard someone say BOTH, and I certainly can’t disagree. After all, the tax code didn’t get so onerous and convoluted by itself. It was revised so many times by politicians, sometimes for the better, and oftentimes self-serving. It’s past time for serious tax reform.

One of the primary problems now is the high corporation income tax rate. It’s no wonder the United States is having a very difficult time competing in the international markets. Forget the hype and propaganda spewed about by the white house, our country is suffering from subpar economic growth. Furthermore, our long term growth potential is bleak, and will continue until we elect leaders that will focus on tax reform that will promote long term economic growth.

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