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Show Tax reform will shift burden to businesses The concept of tax reform at least implies taking a bad tax system and making it better. Depending on your age, sex, marital status, investment pre- , ferences and age, the new tax bill may be to your liking. This means that the new tax bill is just like all the old tax bill - and some will like it and some won't. You should also hang on to your calculator and keep sending .. .. Christmas cards to your accountant friends because, for many of us, the new tax bill will not simplify tax returns. JeanLown.assistant professor of home economics and consumer con-sumer education at Utah State University, says the new tax bill . - will.substantially reduce federal income taxes, eliminate many tax shelters and will shift some of the tax burden from individuals indi-viduals to businesses. "The tax bill does accomplish two of its goals of being more fair (eliminating some loopholes) and simpler for many, but simplicity is not one of its strong points," Lown says. "It is difficult to say if most of us will end up paying more or less taxes ' . in the long run." - One of the problems is that while the new bill lowers the marginal tax percentage rates, many deductions are eliminated.. What this means is there are two forces working against each " - other: many people will find they are paying a lower rate, but . -. they will be paying that rate on a greater amount of taxable income, Lown says. . , ' She says shifting tax burden from individuals to businesses should not necessarily be viewed as a benefit to consumers -because businesses will likely pass these costs along to consum- . ers in the form of higher prices. Lown says another change in the new tax bill is that it makes the tax system less progressive. Traditionally, the U.S. tax ' system has been progressive. That is, the more money you make the higher percentage of your income you pay in taxes. , The new system is still slightly progressive, but less so than before. |