The Trump Era Tax Plan's Winners and Losers

Confused by the tax bills introduced by the Senate and the House? Are you wondering who the real winners and losers are? Today's guest, Tom Wheelwright, unpacks the tax bills and shares the important parts in easily digestible pieces. Tom is the tax advisor for the Rich Dad series, the author of the must-read, Tax-Free Wealth and contributor to the new books, Why the Rich are Getting Richer and More Important than Money. Tom's advice is to insist your tax advisor reads the bill, which he calls the Wall Street bill, not the Main Street bill. He shares with us why under this bill people should be jumping into real estate, why Silicon Valley is taking a big hit and how lobbyists truly run the government. Key Takeaways: [1:47] Event details for Meet the Masters in January. [3:27] There are so many things to be grateful for. Tom Wheelwright Guest Interview: [6:49] Differences in the House tax bill and the Senate tax bill. [9:18] The biggest reform is the reduction of international corporate tax. [14:47] Flow-thru entities tax rate will not be significantly reduced. [22:08] Wall Street will be the biggest winner in this tax bill. [25:44] Which bill has the most pork? [40:11] The bill conforms to the Trump narrative. [43:47] Real estate, both residential and commercial, provisions. [46:12] The biggest losers under this tax plan are firms with significant Research and Development (R&D). [53:02] Tom's view is the U.S. needs a VAT and higher priced goods. Mentioned in This Episode: Wealth Standard — Free Webinar & Article Series Meet the Masters of Income Property Event with Keynote Speaker Ron Paul Grateful App Wealth Standard Podcast "Using the Tax Code to Avoid Taxes with Tom Wheelwright – Episode 166" Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors), by Tom Wheelwright