Tax Expert, Julio Gonzalez, Supports Progress of Senate Tax Bill

WEST PALM BEACH, Fla. - Nov. 10, 2017 - PRLog -- Tax expert and CEO of Engineered Tax Services (ETS), Julio Gonzalez, supports the progress of the United States Senate on the tax bill. Highlights of this bill are that it provides middle-class citizens tax relief by cutting tax rates across the board, reducing the tax burden on U.S. job creators, along with making the tax system more modern. Under this proposed bill, a typical family of four that earns the median family income of approximately $73,000, will see its taxes cut by close to $1,500. The bill will also reduce the tax burden that many small businesses have and put U.S. companies on a level playing field with foreign competitors. The purpose of all of this is to grow the economy and create more jobs here in the United States. With this bill, middle-class workers and families will have bigger paychecks, there will be more jobs, and the economy will be much stronger.

Here are some points that summarize the Senate bill:

·         Delays corporate rate cut for one year

·         Reduces burden on pass-through businesses with a deduction

·         Eliminates SALT deductions

·         Maintains the current seven tax brackets -- adjusts the qualifying income levels and doubles the standard deduction for individuals, married couples, and single parents. (12 percent bracket replaces current 15 percent / top rate gets cut to 38.5 percent)

·         Doubles Standard Deduction

·         Protects deductions for medical expenses and student loan interest

·         Maintains charitable giving deduction

·         Protects the mortgage interest deduction for current homeowners

·         Maintains deductions for future home purchases at $1 million (House limited future homes to $500 thousand)

·         Preserves current law for 401(k) retirement investments

·         Does not repeal the individual mandate under the Affordable Care Act

·         Increases the child tax credit from $1,000 to $1,650 (same as House)

·         Does not repeal the estate gift tax – Does double the exemption

·         Eliminates the alternative minimum tax (same as House)

About Julio Gonzalez

Tax expert, Julio Gonzalez, has been working weekly in Washington, D.C. to advise on the tax reform blueprint. He is the go-to tax expert representing Hispanic 100, Hispanic Council, and family offices. Mr. Gonzalez is a regular public speaker on a national level regarding tax reform and tax sophistication for wealth preservation. For more information, please visit http://engineeredtaxservices.com.