A postelection look at how tax laws are likely to change, and
especially the outlook for the 2017 tax cuts.
There is a tax break for just about everyone on the list of cuts
that President-elect Donald Trump promised during his campaign,
ranging from averting income-tax rate increases scheduled for 2026
to eliminating taxes on tips and Social Security income.
But even with the Republican majority in both the Senate and the
House, it will be nearly impossible to make good on all promises.
The revenue loss for the federal government, estimated at $9
trillion if all proposed changes are adopted, would be too great,
and implementing some ideas may not be feasible, experts say.
"Campaign proposals have one purpose: to get the candidate
elected. You don't have to worry about the practicality of the
proposals," says Dustin Stamper, who leads the tax legislative
affairs practice at accounting and consulting company Grant
Thornton. "Now, Republicans are going to face some
