Trump's Plan Inverts Traditional Tax Planning Makes Carried Interest Moot

The Donald Trump tax plan is out. Big picture it seems like people who don't pay much now will pay nothing and everybody will pay a lot less, but it is revenue neutral. I'll save the scoring part for the people who do that sort of thing. I'll be very surprised if it turns out to revenue neutral. Here are the high points

1. If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each.