News By Tag
News By Place
Nationally Recognized Tax Expert Supports YourVoice America's Stance on Senate Tax Bill
"The House got it close to that, but the Senate has gone so far in the other direction… The majority of the Senate bill is all about these little, small one-liners that are goodies for the uber-wealthy. A lot of it revolves around the big companies and c-corporations and how their tax deals are structured vs. the small businesses and how their tax structure is designed… The uber-wealthy will also be able to write-off more of their real-estate within a small amount of time," said Ms. Vandersteel.
"The Senate bill was probably created to make the House bill look better," said Host of YourVoice America, Bill Mitchell. That's because the House bill presents ways to create GDP growth, more revenue, and more value in real-estate. The House and Senate will have to agree on one bill, which is a bit of a challenge as Republicans are trying to get legislation to the President's desk before Christmas. Mr. Gonzalez added, "The Senate bill is a complete disaster for the real estate industry and the American people. Delaying tax rate cuts until 2019 and giving billionaires faster depreciation on real estate is defeating to the middle class and small business owners. This is not what President Trump told us he would do. The Senate had seven years to work on this and really only worked on this for two weeks. Why not simply adopt the bill passed by Congress that has been well thought out."
Some specific ways that the Senate bill differs from the House bill are the following:
· State and local tax deductions (SALT) would be gone
· Mortgage interest deduction would stay
· Estate tax (death tax) would stay
· Corporations would not get the 20 percent until 2019
· Senate bill keeps seven tax brackets
"President Trump is standing up for us. He is demanding tax reform. He is demanding lower rates," said Ms. Vandersteel.
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.