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| | Tavakoli Structured
Finance, Inc. |
| | | | | Taxes
President Trump signed the Tax Act on Friday. Courtesy of Northern Trust, here is a summary so that you can assess your tax situation. For example, since Illinois assesses real estate tax in arrears, I'll prepay the first installment of 2017 taxes due in 2018, since I can deduct more than $10K in 2017, but not in 2018. You must look for your own opportunities based on your individual situations.
You'll notice hedge fund managers will be happy, because carried interest wasn't touched. General Partners in real estate developing also benefit from this.
Is this enough?
What's missing? The estate tax elimination. I had hoped for that, especially for the USA to attract more foreign capital.
Likewise, the USA needs a crackdown on illegal immigration. As for legal immigration, extreme vetting is in order so that we do not end up in the same situation as Germany. You'll notice Austria, Poland, Hungary and others have awakened to the problems. The USA needs to bring its own population up, first, and there is a lot of work to be done.
We also need protective tariffs. The last time the USA did this correctly was during the McKinley era.
Let's see what happens in 2018. Meanwhile, read the original Acts coming out of Congress, and look at the elimination of regulation. There will be opportunities for entrepreneurs
Wishing you safe and happy holidays, and Merry Christmas!
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