Will One of Trump’s Top Tax Breaks Get the Axe?

shutterstock_628599701

As the new president and his administration continue to tout their big plans for a major tax overhaul in the U.S., it remains to be seen if the proposals will get passed in the House and Senate. While both branches of government are all for tax code reform, there are still differences that must be overcome. For example, House Republicans are currently weighing the possibility of killing one of President Trumps’ personal favorite tax deductions.

This tax provision has been around for hundreds of years and it has been a huge boost to the president’s real estate fortune. However, it could become one of the biggest tax fights in Washington in the coming months. According to reports, in order to offset the proposed reduction in the nation’s corporate tax rate, the House would like to use the $1 trillion that would be raised by ending a deduction for businesses’ interest expenses.

While doing so would help fund the government and its programs, there are several industries that are already clamoring for the deduction to be retained as is, including private equity companies, real estate moguls, and even farmers – all of which claim that they have to borrow money in order to operate. They fear huge tax increases if the deduction is removed.

So far, Republicans are divided on the issue, while the president himself has long supported the deduction for obvious reasons. His Treasury Secretary has said that they prefer to keep it in place but that all options are still open. Stay tuned, because this could end up being a big fight in the nation’s capitol.

Posted in
Bodyguards and Panic Rooms- Is Now the Right Time?

Bodyguards and Panic Rooms- Is Now the Right Time?

Executive Protection, i.e. Bodyguards and Panic Rooms Now may be the right time for bodyguards and panic rooms. Looking several years back, I met an interesting individual during a family office networking event. Based on the crowd in attendance, I expected him to be a successful entrepreneur, but as it turns out he was a…

family office

Can DAFs Maximize Family Office Charitable Dollars?

Can DAFs Maximize Family Office Charitable Dollars? When you hear the name John D. Rockefeller, an image of the first, made in the USA, billionaire may come to mind.  Brilliant and extraordinary, yes, but we’re going to discuss his son and only heir to the immense Rockefeller fortune.  John D. Rockefeller Jr. who spent much…

Radical New Plane to Revolutionize Private Flight

Is there a radical new plane to revolutionize private flight?  Can the aviation industry experience the same tech driven disruption so common in other markets?  This past month, an odd-looking aircraft was spotted flying in Southern California. It was small with thin wings, bullet like in shape and had a rear facing propeller on the…

Not Your Mother’s Pants!

Not Your Mother’s Pants!

What happens when you mix a charitable auction with a famous pair of pants from an iconic movie worn by a legendary international superstar?  A six-figure donation to cancer research and a lot of very happy people… On November 2, 2019, the Estate of Olivia Newton-John listed several items on Julien’s Auction. The famous actor…