Donald Trump, Tom Milnes, S. discussed on Rich Dad Radio Show
Employees or more and ice dance professional investor, not passive investor, but eighty in at the doctors and lawyers get screwed too. Oh, they totally. They got hammered, I mean, real estate all, but they totally got hammered totally. They no longer got to deduct their real estate investment losses. Yeah, professional investor could. Yeah, that's right. The eyesight they could. That's right. You said that's why you have to have a guy like Tom Milnes have on speed dial because everything I do, you know, as a tax consequence to it, so so what professionals in the US got hammered and didn't get the tax break, which ones did not get the smart guys, which smart? Yeah. So the doctors, the lawyers, the accountants, the consultants on the stockbrokers. They the athletes. The star of actors, the movie stars. I mean, they all none of them got the big, the big tax break, which is this twenty percent deduction. None of them got it. Who did get it then? So interestingly enough, you know street. Got it. Your routine, small business. Got it. And by on a pizza shop like a guy pizza, shut up about Dr. Got nothing exactly. Architects and engineers. Got it. So they had the good lobbying architects and engineers Collins, you guys, we have the worst lobbying in the world. Seriously. It's awful, and it's what was a tax break to employees in the quadrant? You know, all they got was a little rate reduction, but they lost a lot of their deductions. So they got, they got a standard deduction which increased. So for some people they got, you know, that was a big, big increase. So they say, guess what? You're getting a deduction. Good news news must adoptions. That's right. So they got they got one big new deduction. Plus they got a new tax credit for the child, you know, for their children. So those were the two big benefits to the to the employees, but they lost some of their mortgage interest. They lost some of their state tax deduction and they lost several other deductions that are gone permanently. So much just say that, I guess. So the pundits get in front, the world's, I guess, what employee's you're getting higher deductions on a higher percent, less pain, less deduct tax deductions. But the bad news is you've got fewer deductions, right? And once a state tax law and other states must be going crazy. The states are going crazy. In fact, some states New York, New jersey, Illinois will already made changes to their tax laws to try to get the deck shin back by kind of subverting the what, what they did in the federal what that meant. So I lived in communist Republic of Hawaii or California arc, and I paid a million dollars in state taxes. I got some tax break for that or some incentive for that before Trump and after Trump what happened now, NAT NAT before that you got maybe a five hundred thousand dollar incentive for that main Dar's of taxes. Now you've got a five thousand dollar incentive. Congratulations. Welcome to California. I the ease and s.'s their tax break was temporary. It is. And they're actually looking at that right now. They're, they're, they're going to propose it. I, I don't think it'll pass. But yeah, they're tax breaks is temporary where the corporate tax break is permanent on the BNI side. It's permit. You see, ladies and gentleman. This is why have Tom Wheelwright tax advisor, please get his book tax. Well, second edition because of the tax changes coming into the world right now. And remember you can't do this here it because you don't have the right tax advisor, and you can't do this here because he probably went to school and became a doctor or a lawyer or an account, but you can do this the own a pizza shop. That's right. But it's only temporary. And I love certain states. You lost your tax deduction from the state government. Right? And they basically so test Trump basically screwed the states that didn't vote for him. So how does a task Cau affect real real? This fake real estate investors, a fake real estate investor is somebody who invest in passively like through REIT's real estate investment trust, but another task code of effect rail realism. Heavens that the tax benefits for real real Saint vessels are phenomenal..