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Tax-Free Wealth - How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright (US edition, paperback) - 9781947588059
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Product description
Ships from and sold by EXPERAL Singapore
Publisher: Ingram IPS
ISBN 13: 9781947588059
Condition: Brandnew
Binding: paperback
Pages: 320
Dimensons: 229 x 152 x 30 | 400 (gram)
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After 31 years… Major Tax Reform
— and what it means to you
True overhaul of the tax law only happens about once every 30 years. In the
past 75 years, the U.S. tax law has only seen three major revisions; one in 1954,
the next in 1986 and most recently at the end of 2017. I have been fortunate as
a tax professional to be heavily involved in the last two reforms.
In 1986, I was a manager in the National Tax Department (NTD) of
Ernst & Whinney (now Ernst Young). My primary responsibility during my
three years there was to create, teach and administer tax courses to the Firm’s
U.S. tax professionals. Just as I arrived in the summer of 1985, I discovered
that much of NTD’s resources were being devoted to following the tax reform
bill that had been introduced that year.
This gave me, as a young tax professional, some amazing insight into the
legislative process as well as the horse trading for tax reform. President Reagan
wanted two things; simplicity (the 1985 act was call the Tax Simplification
Act of 1985) and he wanted it to be revenue neutral (no net increase to the
deficit). It took another year before bill was finally passed as the Tax Reform
Act of 1986. (Simplicity took a back seat to other goals of the reform.)
In 1986 the big winners from tax reform were individuals, with significantly
lower tax rates, insurance companies (who got by relatively unscathed)
and businesses. The big loser was real estate investors (the passive loss rules
were used as a last-ditch effort to make a “revenue-neutral” bill. The result a
few years later was the Savings and Loan debacle accompanied by a massive
real estate depression and the government bailing out real estate through
the RTC (Resolution Trust Corporation).
Fast forward 31 years to 2017. President Trump had promised economic
stimulus and had stumbled out of the blocks with the failure to repeal
ObamaCare. Everyone thought tax reform would take two years to complete
like it had in 1985-1986. Instead, the Republican-controlled Congress was
able to use slick procedural rules to pass major tax reform in record time (less
than three months from start to finish).
The result was a bill the consequences of which and application of which
are still largely unknown. Known are the clear winners and losers. Losers
include employees with lost deductions for moving, investment expenses
and reductions in home mortgage interest and state income tax deductions.
Winners include big corporations, with a major tax reduction from 35% to
big corporations, with a major tax reduction from 35% to
21%, small businesses, with a 20% net income deduction, and real estate, with
major depreciation incentives and the 20% net income deduction given to
other small businesses.
Th
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