With all of the talk about tax reform - although usually without details, but having your 2011 tax return information, why not recalculate it under the various proposals out there. While it only provides a small picture into reform - it can be useful for understanding the nature and degree of changes, where details are missing, and generate questions you'd like to ask of your elected officials.
I have a short article in the April 12 AICPA Tax Insider with more on this idea and cautions to be exercised. It includes a template for estimating your tax liability under S. 727, Bipartisan Tax Fairness and Simplification Act of Senators Wyden and Coats.
See "Client service idea for the 2012 filing season" - here.
I plan to create a few more templates, although often it is not possible because too many details are missing from the proposals.
For more on S. 727, see sponsors' explanation from 4/5/11 Congressional Record and information from Senator Wyden.
What do you think?
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