A response post about 100 words

I have an assignment which writes a response post about 150 words. Mostly the response about agreeing with his opinion or not.In the attachment the post,
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What do you think of the new tax plan? What parts do you like/dislike? Do you
think it will greatly impact the accounting industry?
In my opinion this new plan is just a disaster for all of us. For middle-income Americans,
it is a tax re-arrangement, not reduction, not reform. Whether a median-income family
ekes out a few extra bucks or loses a few depends on individual circumstance. The
standard deduction is indeed doubled, but personal exemptions are no longer available.
No more education credits, no more child care credits, no more tuition deductions, no
more deducting student loan interest, no more deducting classroom expenses, no more
deducting medical expenses, no more deducting PMI, no more deducting state and
local taxes, $400 billion in cuts to Medicare. This should be called” Upward Wealth
Redistribution and Austerity-Prep Plan, Part I” because the worst is yet to come.
I believe that with this new plan, many accountants will be out of work because tax
reform may make it easier for many clients to do their returns on their own. It is probably
too soon to predict what will happen in the future but according to CNN Money The socalled “Big Six’s unified framework” will make the tax code less complex. It would
compress the existing seven individual tax brackets down to three, with the elimination
of “most” itemized deductions and will get rid of the alternative minimum tax and the
estate tax. On the corporate side, the corporate tax rate will drop from 35% to 20%. I
believe all these changes would make filing taxes more complex than it already is.
What do you think are the biggest challenges that will face the accounting
profession in the future? What role do you see specialties, such as forensic
accounting, going forward?
Any time the tax law changes there is more planning that needs to be done.
Accountants will face more challenges such as analyzing data because most software
will have to be updated in order to reflect the new changes which will make forensic
accountants work more complex.
Forensic accounting will have larger role to play in future as automation comes in to
play and particularly the analytics part of forensic accounting which will deal with the
electronically generated data. With more automation coming in play, it is possible to
falsify data in order to take advantage any situation. Thus Forensic accounting will have
a greater role to play in future.

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