Our 'for the people politicians at work' & another IRS tax grab

3 Replies

@Pat L.

If it passes and gets signed you are correct- it is a money grab. The politicians always go where the money is. They are good at it. “Savers” will have to figure out another way. Building wealth is one thing- Preserving Wealth is another. How many people even know this is out there? Congrats for being on top of what affects you and your future while others are setting up distractions. 

I find it a waste of time to worry about legislative proposals until they become law. Case in point: all the fears we had for the tax reform that was supposed to kill all our tax breaks. But it did not.

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Most CPAs are aware that the SECURE act has passed the House, enjoys bipartisan support in the Senate, and President Trump has expressed support for the bill.  It's not an automatic "done deal" however.

Unanimous consent is off the table in the Senate as Senator Ted Cruz isn't happy the House version of the bill omits a provision that allows 529 plan funds to be used for home school expenses.  The bill may pass the Senate but there are a few different potential paths forward and not even a guarantee that the House version of the bill will be passed by the Senate.

Great wisdom in what @Michael Plaks said.  I monitor the legislation but don't do more than that.  There aren't enough hours in the day to plan for clients based on uncertain bills making their way through the legislature.  If the Senate passes the House version of the SECURE act with no changes we may have a new law on our hands as President Trump is expected to sign.  Until then it's all up in the air.