- Significantly reduce marginal tax rates for both individuals and businesses,
- Increase standard deduction amounts to nearly four times current levels,
- Limit or repeal some tax expenditures,
- Repeal the individual and corporate alternative minimum taxes
- Repeal the estate and gift taxes, and
- Tax the profits of foreign subsidiaries of US companies in the year they are earned.
All of which may not be good for tax advisors.
Now according to Bloomberg BNA, IRS employees could be in for a rocky ride if President-elect Donald Trump and Congress move forward with sweeping pledges to rein in federal employee benefits and cripple unions.
Trump has vowed to place a hiring freeze on federal jobs and shrink the workforce, as one of his first efforts once in office, and ease firing restrictions. Other ideas Republican lawmakers have floated could also come to fruition now that no veto threat looms, such as ending automatic pay raises and changing benefits plans.
Those moves would be jarring for employees across federal agencies, but would particularly sting at the Internal Revenue Service, an agency that has lost millions of dollars through budget cuts and thousands of employees through attrition and retirement.
Read more at: Tax Times blog