While most of you will be concerned about the new tax proposal on the lower end, we are in a little different situation, and I'd like to both follow what you all have to say and start a small sideline discussion for those in the higher brackets and AMT.
We itemize now and will continue to do so under the new proposal. In addition, our marginal rate right now is a moving target (nominally 33%, but we are solidly in AMT territory, so 28%, but we are still in the exemption phase-out area, so 28%*1.25=35%, but then you need to add the additional Medicare tax and net investment tax, so maybe 37%???). Under the new proposal, we would be solidly in the 35% and AMT, additional Medicare, and net investment would all go away. So by my estimates, for us and those in a similar situation, there is a negligible difference for marginal rates and therefore no new urgency to make a decision.
Some other considerations are:
-does the new proposal alter AGI calculations with regards to the DAF limits? The amount we were considered moving to a DAF was right close to 30% of AGI, and it is all appreciated funds that I no longer add to, so changes may necessitate staggering over 2 years (or more for some of you)
-obviously location becomes far more critical, as moves both in state and out will alter the deduction landscape for us and others