As we get closer to Election Day, Americans are heavily considering the implications of future leaders and their policies. The two presidential candidates have vastly different plans regarding many issues, including the tax code. As real estate investors, changes to the tax code could have far-reaching effects.
On this episode, Natali and I are welcoming back Tom Wheelwright to talk about the future of the tax code. He’ll elaborate on the two candidates’ proposals, and what that means for real estate investors. Don’t miss this special election edition of Investing in Real Estate!
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Tom Wheelwright explains that in order to understand the perspectives of the presidential candidates, we must consider their backgrounds. Hillary Clinton and Donald Trump both have very different points of view which inform their opinions about the future.
Hillary Clinton’s background is as an attorney. She views taxes from a self-employed perspective, meaning she doesn’t think about big businesses. Her mentality is to focus on the small investor. Tom posits Hillary’s tax plan will be similar to the current policy. She will implement small tweaks, but nothing will be considerably different than our current tax code.
Donald Trump has always been a big business owner, and a professional investor. Therefore, he holds a very different view. His tax plan is very similar to Ronald Reagan’s tax plan of the 1980s. Trump has proposed to lower the tax rate for businesses from 35% to 15%.
As investors, we can prepare for the future of the tax code, regardless of the outcome. Tom recommends comparing the two proposals using a website such as Tax Foundation. Also, he reminds us to consider that regardless of who wins the presidency, the market will react.
He also explains, the tax law is simply a series of incentives, and there will always be incentives. Investing is for financial rewards first, and taxes second. It’s important to be adaptable, and have a great accountant on your side.
On today’s show, Tom is going in-depth into both of the proposed tax laws. We’ll discuss the future and the past of the US tax system. We’ll also discus the global market’s consequences for investors. Tom is full of wisdom on the tax code; join us on this episode of Investing in Real Estate!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with my team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- What is the carried interest rule?
- How did Barack Obama’s background influence the current tax code?
- What does it mean to be “revenue neutral?”
- What are the potential implications of a major tax change?
- Historically, what have been the unintended consequences of a low tax rate?
- And much more!
ProVision Wealth Strategists
EP019: How to Pay Less in Taxes – Interview with Tom Wheelwright
EP022: How to Maximize Depreciation – Interview with Tom Wheelwright
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