That doesn’t matter much to billionaires like Charles Koch, but means a big tax cut for people with estates worth tens of millions of dollars. TAX ACCOUNTANTS AND LAWYERS Mr. Trump once said his “dream” was to put tax preparation services out of business by simplifying the tax code. But there are no guarantees, and that could mean a big tax increase down the road. In some cases, that could be offset by the lower tax rates that all taxpayers will owe on their ordinary income. The tax bill treats affiliates of American companies on the island as if Puerto Rico were a foreign country and imposes a 12.5 percent tax on intellectual property.

Source: New York Times December 16, 2017 21:26 UTC