I have been slogging through the new House tax reform bill, which is being touted by President Trump as the biggest tax cut in American history.  That’s not true, of course, if for no other reason than whether or not this bill amounts to a tax cut for you depends upon how much you earn and where you happen to live.  The tax cuts in the Reagan era, for example, were not only more substantial and simplifying of the tax code, but more importantly, they applied indiscriminately for all income earners as an actual tax cut.  Not so with this bill. First of all, if you live in a high-income tax state, any benefit you might get from the proposed new marginal tax brackets might be more than offset by this bill’s limiting your state income tax deduction (to $10K only) and/or mortgage interest deduction (only on debt up to $500K on new home purchases after the law takes effect).  This negatively impacts, particularly, upper-middle and upper earners living in...(Read Full Article)