Tax Reform Here and There

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This is episode 422, of the Paul Truesdell podcast. We call it the Paul Truesdell podcast because that's my name. It makes sense, right? This is episode 422, and the title is tax reform here and there. Going to talk about Governor DeSantis, Donald Trump, the repeal of the 16th Amendment. We're going to talk about a consumption tax, property tax, and a whole lot more plus. At the very end, there'll be an invitation to attend a special cocktail conversation for those of you who have already attended one or our clients, that'll be for you. Okay, what do you say? We get started,0:35  you are listening to the Paul Truesdell podcast, sponsored by Truesdell wealth and the other Truesdell companies note, due to our extensive holdings and our clients always assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for entertainment and informational purposes only. Truesdell wealth is a registered investment advisor.1:00  Property taxes in Florida have become a major concern for homeowners of all kinds and investors alike. Over the past decade, these taxes have quite literally doubled, creating a significant burden for property owners. Some clients of ours, who, for example, have beachfront properties, are now paying an annual property taxes? Well, it's in the six figures, and for unremarkable homes that were built 50 years ago, it's just not right for many Floridians, property taxes are now, well, competing with mortgage payments in size. Congratulations. Governor DeSantis has taken up this cause and is calling for a constitutional amendment to eliminate property taxes entirely. Several other states, including Wyoming, Kansas, Montana, are also considering significant property tax reforms. This potential shift away from property taxation would fundamentally change how real estate ownership works in our state. The current system essentially prevents true ownership. It really does. My father always said, You never own your property outright when they have property taxes. So as a matter of fact, failing to pay these perpetual taxes, well, it results in property seizure period, no if ands or buts. The possible alternative would be to implement a sales tax on property transactions instead. And this would create a one time cost, and it would eliminate the perpetual burden of annual property taxation. This change could make, well, property ownership more straightforward and potentially more accessible through the initial purchase that would be a well that would be a tax burden. However, now from a wealth management perspective, such reform would require adjustments to long term investment strategies and property holding plans, true property ownership without ongoing taxation, would change to calculus for many investment portfolios. Meanwhile, there are interesting developments in government operations that could affect a variety of market sectors. The current administration is implementing cost cutting measures at an unprecedented speed at the federal level, the recent case involving the United States Institute of Peace, for example, highlights its approach with reports of teams working at the speed of war, quite literally, to reduce government spending and bureaucracy. You know, the aggressive streamlining could impact companies that work closely with federal agencies, but those companies generally don't make anything. But I digress, financial technology sector is also seen in well notable developments. A recent study compared artificial intelligence and human judges in legal decision making. I think you're going to find this interesting. The finding is that artificial intelligence followed by legal they followed legal precedent more consistently than human judges, who are often influenced by emotional factors. And that's should not be a surprise. This has a well potential implications for financial regulations and enforcement, and as there's more predictable regulatory environments. They generally benefit the markets and investment planning. You know, we have judges out there. They're rogue, they're out of their minds, and their decisions are based upon, well, insanity. If you want to see insanity, look at the judge who presided over the case against General Michael Flynn, that was insanity. Well, these efficiency focused changes combined with potential tax reforms suggest that we're entering a period of significant institutional transformation now for wealth management strategies, this means staying alert to changes regulatory environments and tax structures. So.5:00  That could either create new opportunities or present challenges dep...