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Why a U.S. Tax System Overhaul Would Be 'a Massive Undertaking'
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Why a U.S. Tax System Overhaul Would Be 'a Massive Undertaking'

Knowledge at Wharton·@HashtagPLUS·about 1 month ago
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With a new administration in Washington, D.C., tax reform is a topic of conversation this year. The White House would like to get something in place for 2018. But many questions surround the complex issue, both on the personal and the corporate tax side. Wharton accounting professor Jennifer Blouin recently gave a presentation on the issue to congressional staffers as part of an effort by the Penn Wharton Public Policy Initiative . Blouin joined the   Knowledge at Wharton show on SiriusXM’s channel 111 to discuss the potential impacts of changes to business and personal income taxes. An edited transcript of the conversation follows. Knowledge at Wharton: The tax plan proposal from President Trump would drop the number of personal income tax brackets from seven to three. What would the impacts of that be? Jennifer Blouin: Ultimately, the issue is that the bulk of our tax revenue comes from the individual base. There are about 150 million individual returns, relative to 10 million corporate returns.…

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