Both depreciation and carried interest are going to be changed ! Sure, hit for real estate investors !!
Commercial real estate tanked when they changed the length of time for depreciation.
Yes, this is a hit for residential real estate too, especially investors.
I really wish we’d go to a flat tax with a standard deduction for the poverty line. We could eliminate the tens of thousands of pages of the tax code. Companies would save a ton in compliance cost. It’d be a huge win except for the special interest groups that lobby for special tax treatment.
We could make it 20% and should still generate the same 17.5% of GDP the current mess creates.
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We are all special interests. Simplifying the tax code is never gonna happen. Just like entropy will always increase and time only goes forward. I feel like it’s almost a law of physics.
Closing the RE loophole? It’s debatable whether there is a loophole. It will never happen with Hillary. Hillary told Wall Street she has a public policy and private policy, I think there will be no change from Hillary.
Healthcare cost is much much much bigger fish, but I am confident Hillary will not actually do any dramatic changes. Hillary is safe in terms of any special interest.
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That what a patient wants to hear.
There is precedent in other countries. Sweden went through a huge simplification of the tax code in the mid 90s.
http://www.ibfd.org/IBFD-Products/Making-Tax-Law-Development-Swedish-Tax-System-Review
"…the “tax reform of the century” in the early 1990s. The corporate tax reform lowered the tax rate from 56 percent to 30 percent, broadened the tax base, and simplified the system. Sweden led the international downward trend in corporate tax rates. "
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Is that after the banking crisis?