### POV: It's complicated: how US Pres......>

US VIEW: ### POV: It's complicated: how US Pres. Trump's tax reform plan affects

a consumer is not an easy question. The answer depends: Do you live in a

high-tax state? Do you earn a high or low income? Do you deduct a lot of state

and local taxes? (as do many in US Northeast, which has relatively high-tax

states.) Do you have a jumbo or small mortgage? Do you itemize taxes?

- The basics: it cuts corporate tax rate from 35% to 21%; individual taxes also

mainly lower but that depends on a host of other things. For example the top

personal tax rate is now 37% from 39.6% previous (for singles earning $500K+,

married filing jointly earning $600K+). And the personal exemption roughly

doubled to $12,000 for singles and to $24,000 for joint filers.

- But the tax scene is so complicated it's making both analysts and tax planners

busy. Taxpayers are rushing to city hall to pre-pay real estate taxes, to get

most benefit this year. But, not every city/state accepts prepayments. 

- It may be true nothing in life is certain but death and taxes. But one thing's

for certain: tax reform may be a gift for tax preparers since there is so much

uncertainty.