Paraphrasing the Bard, “To Reform or Not Reform, that is the question.”
Tax Reform is all the rage in the United States. Those within the Beltway, on Wall Street, and even on Main Street are actively engaged in the debate. It is not a question of if but how much.
I am not a software expert by any means but I have developed a free APP that allows the user to estimate the Impact of the Unified Framework on Tax Reform. The “Framework” is fluid as it undergoes debate in the US Congress so the results are only estimates of the final impact.
Because the IRS code for individuals is over 50,000 pages long, this simple app does not incorporate all the forms and inputs that a fully filed Federal 1040 would require. It does however provide a quick and easy way to see the impact of the proposed changes in the tax code.
Note: Currently, the Framework does not define the cut points for the tax brackets. This APP assumes the current cut points for the 25% and 35% brackets remain and that the intermediate tax brackets are collapsed into the three proposed brackets.
To download the APP you first have to go to the Google Play Store or Apple’s APP Store and download “Open As App”. Once the APP is installed, you can search for the Trump Tax Cut Calculator.
I added the Bowles-Simpson tax plan as a point of reference.