Tax reform has been preached from the stump by both Donald Trump and Hillary Clinton. But no matter who wins the election, reform to the tax code is likely to happen, according to CPA Paul Neiffer of CliftonAllenLarson.
“Both the Democrats and Republicans want tax reform,” he says. “It’s just a matter of what side do they want.”
Neiffer admits there are some points of reform they agree on, but says for the most part they want different things. Who will prevail? Paul Ryan, for instance, has long been thought a proponent of tax reform, and some analysts wonder what would happen if the Republicans lose the House. Neiffer expects some level of reform to happen regardless.
“Even if the Republicans lose the House, which I don’t think they will, there’s certainly a big, big push for some kind of tax reform,” he says.
Neiffer says significant tax reform tends to happen in 30-year cycles.
“There’s the 1954 tax act, the 1986 tax act, and we’re coming up on 2017,” he says. “I think we’ll see one.”