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Tax Reform Expert and CEO of Engineered Tax Services Spoke About New Tax Code Benefits on Tu Voz
Julio Gonzalez of Engineered Tax Services explained the benefits of the new tax reform bill on Your Voice America's new show, Tu Voz.
"Ultimately this is about lower income tax rates, so the biggest benefit to everyone is that we are all going to be paying less taxes, preserving wealth, be able to put away more in retirement, and with the growth of the economy and GDP, it will all get better," said Mr. Gonzalez.
Mr. Gonzalez walked viewers through the seven tax brackets, which are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. "For middle-class United States America, we will all be doing much better," said Mr. Gonzalez. You can see Mr. Gonzalez's segment here: http://bit.ly/
Mr. Gonzalez lobbied hard in 2017 to get tax reform done before the end of the year. He worked weekly in Washington D.C. with Congress and Senate to advise on the tax reform blueprint.
A Few Highlights of the Tax Reform Bill
• Seven tax brackets and greater tax cuts
The bill leaves the current tax brackets in place, and focuses on cutting income tax.
• Temporary individual tax changes and permanent tax changes for most businesses
The plan is set so that many of the individual tax changes will end after 2025.
• Individual mandate tax penalty zeroed out
The plan that ends the tax penalty for not buying health insurance under the current law will expire, but not right away. The individual mandate will remain for 2018.
• Changes in mortgage deductions
The current policy is that such a mortgage deduction is limited to no more than a $1,000,000 mortgage, but the plan now drops the upper limit to $750,000.
About Engineered Tax Services
Engineered Tax Services is the largest engineering and specialty tax firm in the United States, with headquarters in West Palm Beach, Florida and offices nationally. ETS is led by CEO and nationally recognized tax reform expert, Julio Gonzalez. Find out more about ETS, Engineered Family Office specialty tax strategy and tax reform updates at www.engineeredtaxservices.com.