The wealthy pay more after tax reform - sm Posted: Feb 7th, 2019 - 6:50 pm In Reply to: Now that February is here and taxpayers are.. - sm
Under the old law, the wealthy could deduct all of their "business" expenses, like that yacht they use to party with prospective clients or that private jet they use to fly all over the place and trash the environment.
Under the new law, deductions are capped and they can't do that anymore.
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