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088: Is Trump’s Tax Plan Good for You?: Tom Wheelwright CPA

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Robert Kiyosaki’s CPA, Tom Wheelwright performed a miracle.

He made me think taxes were interesting!

Why? Well, most people think of taxes as, at best, a necessary evil and at worst down-right punative.

But after reading Tom Wheelwright’s book “Tax Free Wealth”, he made me look at taxes a totally different way.

As Tom likes to say, “If you want to pay less tax, you have to change your facts.”

The tax code has two purposes really—one is to pay for stuff—government, schools, bridges, etc. Everyone knows that one.

But here’s where it gets interesting. The second purpose of the tax code is for it to encourage you to invest in certain ways.

For example, our dependence on foreign fossils was not good for our national security. So, the government made it incredibly tax friendly for people to allocate investments into oil and gas drilling. Now, we don’t have an oil problem anymore.

I had a conversation with a guy a New Year’s party recently and he was really excited about the idea of a carbon tax.

While I certainly am advocate for the environment, I also recognize that no one likes taxes.  He’d apparently spent a lot of time on this so I asked him why not spend more time trying to figure out how to incentivize people to make green energy investments.

I gave him the oil and gas example and asked him why not to push for more incentive based solutions rather than taxing.

He didn’t seem to like the conversation much so he sort of slipped away. That, in turn, got me in trouble with my wife who felt my challenge may have come across as confrontational.

The thing is that what I’ve come to realize in life is that people run towards pleasure and run away from pain. Taxes are like pain and tax incentives are like pleasure.

Like anything else you want to sell in life—it’s all marketing.

Anyway, the Trump tax over-haul is the biggest since 1986 and to understand how this will  affect you, I have the perfect guy to talk about it this week on Wealth Formula Podcast—the guy that Robert Kiyosaki told me was the smartest tax guy in the world…Tom Wheelwright.

Listen to this podcast because it might make you more money than anything you actually invest in over the next year.

[00:39] Introduction

[13:22] Buck introduces Tom Wheelwright

[16:44] What will Trump’s tax plan do for us?

[21:26] How are high-paid professionals affected?

[24:48] Encouraging generosity

[28:37] Property tax deductible

[31:17] What about real estate investors?

[36:18] 20% pass through provision for small businesses

[40:51] 2018 is the year of divorce

[42:11] CPA’s dream come true

[46:46] Tom’s exclusive tax benefit secret

[48:22] Tom’s take on cryptocurrency

[51:00] Tom’s new books: Seven Investments the Government will Pay You to Make, 2nd edition of Tax-Free Wealth

[52:47] How is ProVision different from other CPAs (Website: provisionwealth.com, taxfreewealthadvisor.com for a free chapter of Tax-Free Wealth)

[01:03:04] Outro