West Palm Beach, Florida (PRWEB) September 03, 2017
“Your Voice America”, the country’s number one conservative news internet broadcast, took on the tax reform blueprint on its August 31st broadcast. You can watch this segment here.
The hosts presented some shocking concerns relative to the initial tax reform blueprint drafted by Speaker of the House, Paul Ryan, that could ultimately doom tax reform much like health care reform.
“Your Voice America” reached out to tax reform expert, Julio Gonzalez, of Gonzalez Family Office, to get his feedback on the concerns made aware by the show.
“As a country we are going to have to get creative in how we get tax reform done," said Julio. He also indicated that not successfully getting health care reform done and removing border adjustment tax from reform will cost the Treasury an estimated loss of four trillion dollars that would be helpful in cutting tax rates. It would also help to fund a budget that will include The Wall and infrastructure and help fund military buildup. Julio says that one easy way to make up the four trillion-dollar loss would be to exclude real estate from full expensing, as stated by “Your Voice America”. “It is misleading in that when you expense real estate, it is ultimately paid back in recapture and for most real estate investors a passive deduction that is not usable," said Julio.
"We don’t want to take important dollars away from the Treasury that really are not desired in the real estate community. Unlike what is stated by the Tax Foundation, this will not help GDP," Julio added. He says that the United States will actually have a decline in GDP much like it did in the 1980s tax reform when the depreciation period for real estate was cut down that spurred real estate development tax shelters. This had no economic demand and caused the S&L Bank crisis that resulted in a loss of jobs in the real estate and banking industry. Julio added, “This will be worse. Let’s keep the money in Treasury and grow jobs through infrastructure and military spending".
“Your Voice America” further presented the facts behind why these unintended and significant consequences of the initial tax reform blueprint would even be considered.
Host, Ann Vandersteel, commented on the situation: “This is what Speaker Ryan has been working on to make sure the tax reform that gets put in front of the president is not going to be good for the tax payers of this country… For small businesses they want to eliminate interest deduction on anything you have… this will kill small business and real estate… This means banks will go out of business… The only people that can capture the write-off successfully are only those who are active in the real estate business.”
For more information about tax reform expert, Julio Gonzalez, please visit http://gonzalezfamilyoffice.com.