Who Influences The Tax Code?

Todd Mardis: For the business owners, it matters because it is where it ultimately determines how much money you pay in taxes. It is a great question, and it is one that has a lot of rabbit holes that one can run down to get to the ultimate answer.

But, obviously, legislation is done through congress and the senate. But the congress and senate that represents it seem to be most affected by lobbyists. Lobbyists have a serious control in Washington overall, and I think that is a fair statement that everyone would agree with.

Walt Dallas: Now, we would see certain efforts to make a tax return shorter, we would see… Last time we had a Trump Tax Act, they has a 21% for the big corporations. And they came back with the Flow-Through Tax for the small companies, kind of as a sense of fairness. But each of those had lobbyists constituencies, and there were provisions that didn’t allow certain provisions to be available to people with certain levels of income.

Todd Mardis: But primarily, they are built around taxation of those who make the most money, and trying to get the maximum amount of tax that they can out of those individuals on a yearly basis.