The GOP tax plan’s top beneficiaries aren’t actually rich people, or even corporations, though both groups will indeed benefit mightily. The biggest winners are the nation’s tax planners, thanks to the tax-sheltering bonanza this bill is about to unleash.
As my own CPA father likes to say: Congress has once again taken pity upon the nation’s poor accountants and guaranteed them all lifetime employment.
Tax-filing is already unbelievably resource-intensive. Every year, the nation collectively spends billions of hours and hundreds of billions of dollars on tax planning, compliance and preparation.
At many companies, tax departments have effectively become profit centers, where armies of accountants and tax attorneys devise ways to legally shortchange Uncle Sam.