CW 931 - First Deep Look at GOP Tax Reform, Broad Economic Impact, & Deductions

Jason starts off the show from the bottom of the Grand Canyon discussing the upcoming Meet the Masters event, along with his excitement about the new GOP Tax Reform.

Then Jason talks with Ryan Schellhous, founder at IndigoSpire CPAs & Advisors, about the new tax plan. The two start off with a 30,000 foot overview of the plan, then drill down into specific components of the plan as they figure out who is going to be helped and who may not see as much of a benefit under the plan. Ryan explains the biggest revenue raisers and "losers" under the new bill, and some of the most important pieces that will impact individual filers.

Key Takeaways:

Jason Intro:

[3:04] The Grand Canyon may actually be more impressive when you look up from the bottom

[7:45] Danielle DiMartino-Booth may not be a huge fan of the new tax reform; we'll find out at Meet the Masters

Ryan Schellhous Interview:

[12:58] The 30,000 foot overview of the GOP Tax Reform

[14:53] Will this tax reform create a repatriation of wealth back to the US?

[18:43] The move that mobilized the GOP forces toward tax reform

[20:40] The 2nd most important thing in the tax plan was the widening of tax brackets and lowering of rates for individuals

[22:50] The standard deducation has been increased, which should increase the number of simple 1040s being filed

[25:51] The single largest revenue raiser in the entire bill

[28:04] The change in mortgage interest deductions could cause a dampening in the high end real estate market

[30:33] The Alternative Minimum Tax isn't gone, but it's gone through an overhaul

[32:25] Pass-through businesses are getting a 20% deduction

Website:

www.IndigoSpire.com