Bush Tax Plan Means More Business For Tax Advisers, Lawyers

by Leroy Baker, Tax-News.com, New York

23 January 2003

Despite the White House's scrutiny of companies and high net worth individuals who seek to avoid US taxes via complicated tax shelters, President Bush's recently unveiled tax plans are unlikely to mean lean times ahead for tax advisers and lawyers, according to observers.

Reporting this week, the Business Week Online news service suggested that: 'While much remains unclear about the Bush plan, one thing is certain: This may be tax refom, but it sure isn't tax simplification. The plan will add more requirements to the tax code, which is already groaning under the weight of thousands of statutes and regulations...And new rules generally bring more business to the advice gang, not less.'

The report went on to add that: 'Companies reaping huge rewards from smart tax strategies will be loath to give them up just to gain tax-free status for their dividends...Instead, companies that continue to try to minimize their tax bills will likely change how they do it, to capture some of the benefits of the President's plan.'

Recommended